Companies Act 2008
Note that the regulations of the Companies Act 2008, (effective 1 May 2011) state that a company must calculate its “Public Interest Score” (not sure if the acronym of PIS is going to go down well), at the end of every Financial Year.
The PIS will determine if the company will be subject to an external audit or an independent review.
The calculation is as follows:
As the company’s Public Interest Score is less than 100, the company requires only an Independent Review, unless its MOI require an external audit.
Download your copy of the Companies Act Summary Here…
Gavin Beretta FCIS, MBA, CMT(affiliate)Share