The Company Law Cap. 113 is about to undergo new amendments in relation to the Companies’ financial reporting duties, which will take effect in January, 2023.
More precisely, the Parliament approved that Companies with less than €200,000 in turnover and less than €500,000 in net assets should submit their financial accounts for “review” by the Auditor, instead of a “statutory” audit.
From this less stringent financial reporting requirement, the following cases are exempt: (a) Companies that are supervised by independent Authorities; (b) Parent Companies that are required to prepare consolidated financial statements; and (c) Subsidiaries the Parent Company of which is required to prepare consolidated financial statements.
Further updates will follow soon.