Section 402

(1) A company is exempt from the requirements of this Act relating to the audit of accounts in respect of a financial year if-

(a) it has not carried on any business since its incorporation; or

(b) it is a small company within the meaning of section 394.

(2) A company is not entitled to an exemption under subsection (1) if it was at any time within the financial year in question an insurance company, a bank or any other company as may be prescribed by the Commission.