Company Law Offences
Reporting Company Law Offences
The ODCE, along with all the Accounting Institutes, published a guidance document for Auditors to assist them in understanding their reporting obligations under Section 194 Companies Act 1990. The guidance document highlights 13 company law offences that the ODCE want Auditors to report if they occur in a company they audit. These offences include:-
- Sec 60(15) CA, 1963 – Giving financial assistance by a Company for the Purchase of its own shares
- Sec 297 CA, 1963 – Fraudulent Trading
- Sec 40 C(A)A, 1983 – Not holding an EGM
- Sec 22(3) C(A) 1986 – Wilfully providing false information in any return, report, certificate, balance sheet or other document under this Act.
- Sec 40 CA, 1990 – Substantial property transactions/loans to directors or connected persons
- Sec 53 CA, 1990 – directors’ & secretary’s notification of interest in the company
- Sec 197(1),(3) CA, 1990 – False statements to auditors, delay in providing information
- Sec 202 CA, 1990 – Failure to keep proper books
- Sec 242(1),(1A) CA, 1990 – Furnishing false information under the Acts, including to electronic filing agent
- Sec 243(1) CA, 1990 – Destruction, mutilation, falsification of documents
- Sec 33(6) C(A)(No.2) A, 1999 – Omission from balance sheet of directors’ statement claiming audit exemption
- Sec 37(1) C(A)(No.2) A, 1999 – Wilfully false statements in accounts and returns
- Sec 43(13) C(A)(No.2) A, 1999 – Company to have a director resident in the State
Auditors that do not report these offences may be prosecuted by the ODCE or disciplined by their Accounting Institutes. If you are an Auditor you should review the Guidance Document and report any of these offences that occur in any company that you audit. Click on the following link to the Guidance Document.
