ABSTRACT
Every company is obliged to keep accounting records to explain the company’s transactions and such that they disclose at any time the financial position of the company and such that they enable the directors to ensure that any balance sheet and profit and loss account prepared under the Act satisfy the Act’s requirements (s 221 of the Companies Act 1985). Private companies must keep records for three years and public companies for six years (s 222 of the Companies Act 1985).
