What does Companies Act 1965 says about Accounts?

Section 167 of Companies Act 1965 states that :

1) Every company and the directors and managers must keep accounting and other records and will sufficiently explain the transactions and financial position of the company and enable true and fair profit and loss accounts and balance sheets and any documents required to be attached thereto to be prepared from time to time, and they must be conveniently and properly audited.

1a) Every company and the directors and managers thereof shall cause appropriate entries to be made in the accounting and other records within sixty days of the completion of the transactions to which they relate.

2) The company shall retain the records for seven (7) years

3) The records must be kept at the registered office of the company ar other places in Malaysia the directors think fit and shall at all times be open to inspection by the directors.

4) For companies that are situated outside Malaysia, the accounting and other records of operations may be kept by the company at a place outside Malaysia and they shall be sent and kept at a place in Malaysia and be at all times open to inspection by the directors.

5) If any accounting and other records are kept at a place outside Malaysia, the company shall , if required by Registrar of Company (ROC) to produce those records at a place in Malaysia

6) The Court may in any particular case order that the accounting and other records of a company be open to inspection by an approved company auditor acting for a director.

7) FAILURE to the requirement of this section in the Companies Act 1965, the company and every officer of the company shall be guilty of an offence against this Act and the PENALTY is Imprisonment of six (6) months or Ringgit Malaysia five thousand or both.