Chapter 12 — Financial Accounts and Reports
1–15 of 15 provisions
Section 180 — Maintenance of Records
Chapter: 12 — Financial Accounts and Reports
Company records shall be securely maintained in paper or electronic form at the registered address or office of the company. The records shall be maintained so that— (a) accounting records are available for inspection whenever requested by a director or member of the company; (b) where the office…
Text status: Unofficial English translation.
Section 181 — Responsibility for Maintaining Financial Accounts
Chapter: 12 — Financial Accounts and Reports
(a) Every company shall maintain financial accounts that record its transactions and financial position in sufficient detail to enable financial statements presenting a true and fair view of its affairs to be prepared and audited. Every company shall ensure that— (1) arrangements are in place to…
Text status: Unofficial English translation.
Section 182 — Responsibility for Preparing Financial Accounts
Chapter: 12 — Financial Accounts and Reports
(a) The Board of Directors of every company shall ensure that annual financial accounts of the company are prepared and that— (1) the annual financial accounts are made available to the members of the company; and (2) the annual financial accounts are prepared in accordance with the standards…
Text status: Unofficial English translation.
Section 183 — Information to be Included in Financial Accounts
Chapter: 12 — Financial Accounts and Reports
The financial accounts of a company shall include— (a) a statement of comprehensive income; (b) a statement of financial position; (c) a statement of changes in equity; (d) a cash flow statement; (e) notes to the financial statements; and (f) transactions conducted with associated companies.…
Text status: Unofficial English translation.
Section 184 — Responsibility for Preparing Directors’ Report
Chapter: 12 — Financial Accounts and Reports
The Board of Directors of every company shall ensure that a Directors’ Report is prepared and made available to all members of the company.
Text status: Unofficial English translation.
Section 185 — Information to be Included in the Directors’ Report
Chapter: 12 — Financial Accounts and Reports
(a) The Directors’ Report of every company shall contain— (1) information relating to the management of the company; (2) the principal business activities carried on by the company during the preceding year; (3) the amount of dividends distributed or proposed; (4) the amount proposed to be…
Text status: Unofficial English translation.
Section 186 — Submission of Directors’ Report to the Registrar
Chapter: 12 — Financial Accounts and Reports
(a) For each financial year, the company shall submit its Directors’ Report to the Registrar within 15 days after the date of the Annual General Meeting or by such other deadline as may be determined by the Registrar. (b) Where a Directors’ Report is not submitted in accordance with subsection…
Text status: Unofficial English translation.
Section 187 — Submission of Annual Financial Accounts to the Registrar
Chapter: 12 — Financial Accounts and Reports
(a) For each financial year, the annual financial accounts of the company shall be submitted to the Registrar within 15 days after the date of the Annual General Meeting or by such other deadline as may be determined by the Registrar. (b) Where the annual financial accounts are not submitted in…
Text status: Unofficial English translation.
Section 188 — Requirement for Auditor
Chapter: 12 — Financial Accounts and Reports
A company required by regulations made under this Act to appoint a licensed auditor shall appoint an auditor to audit the company.
Text status: Unofficial English translation.
Section 189 — Appointment of Auditor
Chapter: 12 — Financial Accounts and Reports
(a) A company required to appoint an auditor shall appoint an auditor at its Annual General Meeting— (1) to hold office as auditor of the company from the conclusion of the general meeting at which the appointment is made until the next general meeting at which an auditor is required to be…
Text status: Unofficial English translation.
Section 190 — Qualifications of the Auditor
Chapter: 12 — Financial Accounts and Reports
The qualifications required of an auditor appointed by a company shall be prescribed by regulations made under this Act.
Text status: Unofficial English translation.
Section 191 — Rights of Auditors
Chapter: 12 — Financial Accounts and Reports
(a) The auditor of a company is entitled— (1) to receive notices of general meetings of the company in the same manner as members; (2) to receive all documents provided to members in relation to a general meeting; and (3) to attend every general meeting of the company. (b) The auditor of a…
Text status: Unofficial English translation.
Section 192 — Auditor’s Report
Chapter: 12 — Financial Accounts and Reports
(a) Where accounts required to be presented at an Annual General Meeting are prepared and provided to the auditor, the auditor shall audit those accounts and prepare an auditor’s report. (b) The auditor’s report shall be prepared in accordance with the standards specified in this Act and…
Text status: Unofficial English translation.
Section 193 — Removal and Resignation of Auditor
Chapter: 12 — Financial Accounts and Reports
(a) Where the auditing licence of the auditor of a company is cancelled, the auditor shall be deemed to have vacated office. (b) Where a conflict of interest arises, an auditor may be removed by the company following a decision of the Board of Directors and submission of that decision to a general…
Text status: Unofficial English translation.
Section 194 — Appointment of an Auditor by the Registrar
Chapter: 12 — Financial Accounts and Reports
The Registrar may appoint an auditor where— (a) the company has failed to appoint an auditor or to reappoint an auditor at its Annual General Meeting; or (b) the office of auditor becomes vacant for any reason and no other person is appointed to that office within one month after the vacancy…
Text status: Unofficial English translation.
This page is a general research and practice aid. The translations used in this manual are unofficial. Verify the official Dhivehi legislation, amendments and current procedures before relying on any entry. Read our sources and verification guidance and contact a lawyer at Sulthan & Amhar for advice on your circumstances before relying on this material or taking action.