Companies Act · s 133C

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s 133CPrivate company exempt from audit requirements

(1)

A company, being a private company, shall be exempt from audit requirements in respect of a financial year if -

(a)

its revenue in that year does not exceed $1,000,000;

(b)

the beneficial interest in its shares is not held, directly or indirectly, by any corporation; and

(c)

it consists of not more than twenty members.

(2)

For a period which is an exempt private company's financial year but is less than 12 months, the amount of revenue under subsection (I)

shall be proportionately adjusted.

(3)

Section 133B(4), (6) and (7) apply, with the necessary modifications, to an exempt private company so exempt.