Accounts and Audit 

Duty to keep accounting records 

63.   (a) Every company shall keep clear and sufficient accounting records of the following: 

            (1) day to day sums of money received and expanded by the company. 
            (2) a record of the assets, liabilities and obligations of the company. 

       (b) If a company fails to comply with any provisions of this section every director who is charged by the company to fulfil the requirements of this section shall be guilty of an offence. 

       (c) The person guilty of an offence under sub-section (b) shall be liable to a fine of between MRf. 10,000.00 and MRf. 500,000.00 or to six months to two years house arrest or imprisonment or to banishment. 

Where and the period for keeping records 

64.  (a) A company’s accounting records shall be kept at its registered office, and shall at all times be available for inspection by the members of the company. 

      (b) Every private company shall preserve its accounting records for three years from the date on which they are made, and 

      (c) Every public company shall preserve its accounting records for six years from the date on which they are made. 
 
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