The Companies (Statutory Audits) Act 2018 was implemented on 21 September 2018. The key features are the following:-
1. No longer required to file audited Financial Statements in year in which return is filed late, the company must then file audited Financial Statements for 2 consecutive years.
2. No change to Section 343 District Court Applications for lost Audit Exemption.
3. New powers for IAASA and enforcement.
4. Its a category 2 offence for a person or firm (who is other than a statutory auditor) to act as, describe themselves as a statutory auditor and to carry out statutory audits.