Erroneous financial statements appearing on a Company’s public file in the Companies Registration Office (“CRO”) may result in embarrassment and damaged credibility of the Company and its officers in the eyes of company stakeholders. Although prior to the enactment of the Companies Act 2014 (the “Act") there was no prescribed way of correcting such errors, since its enactment, such a process exists. Given the current compliance season, it is worthwhile taking another look at this process in case such an error was to arise.
Types of Error
Under the Act there are two types of errors. How a particular error will be dealt with will depend on the category that it falls in.
Although best avoided, mistakes do happen. It is therefore comforting to know that there is a statutory process in place to assist in their rectification particularly in this busy compliance season. It allows proactive companies and officers to protect their credibility in the eyes of company stakeholders.
For any assistance with the above, please don’t hesitate to contact the team at LK Shields.