Companies Act Compliance has been saved
Companies Act Compliance
The Companies Act 2014 requires Directors to sign the Directors’ Compliance Statement requirement. This requirement applies to PLCs, companies limited by guarantee and private limited companies with a turnover in excess of €25m and a balance sheet total of €12.5m for the year.
Directors are required to indicate that appropriate arrangements and structures have been put in place which are designed to secure material compliance with the company’s relevant obligations. There is also a requirement to complete a review of these structures during the financial year.
“Relevant obligations” relate to Category 1 and 2 Companies Act offences, serious Market Abuse, Prospectus or Transparency Directive offences together with all taxation law.
In order for Directors to make the required assertions, arrangements and structures should be put in place and reviewed on an annual basis. The arrangements and structures should be encompass strong controls, transparent governance, clear reporting lines and robust monitoring and escalation processes.
The Assessment Cube
To support Directors and Senior Management in obtaining the required insight and assurance on the relevant arrangements and structures, we have developed the Assessment Cube. The Assessment Cube has specifically designed questions based on the company law and taxation requirements. It categorises and scores responses in four interrelated components: governance; people; processes; and data & systems - which together provide a view of the overarching arrangements and structures over the relevant compliance areas.
To find out more, please click here