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{
    "id": 572989,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/572989/?format=api",
    "text_counter": 165,
    "type": "speech",
    "speaker_name": "Hon. Katoo",
    "speaker_title": "",
    "speaker": {
        "id": 199,
        "legal_name": "Judah Katoo Ole-Metito",
        "slug": "judah-ole-metito"
    },
    "content": "Part 27, Clauses 709 to 777 talk about auditing and specify the requirement for auditing. Members of a company will be entitled to require an audit company for auditing their accounts. However, it exempts what they call small and dormant companies. There is also a procedure for you to be clarified as a small company. A small company in the Bill is defined as a company whose turnover in a year is not more than Kshs720 million and the net assets in that year is less than Ksh360 million. A dormant company is a company that has not been active for the entire financial year. However, this should not be misconstrued to mean that you can form briefcase companies, go into business or you do not activate and then you are exempted from auditing. We will require a specific clause that will ensure that there is integrity and honesty in reporting from these companies that are exempted from auditing. We will also require it to ensure that there is openness, transparency and accountability so that you do not say that you are a small company or a dormant company while in real sense you are not. You are just trying to evade auditing."
}