Accounts and Audit 140 Keeping of books of account (1 ) Every company shall cause to be kept in the English language proper books of account with respect to — (a ) all sums of money received and expended by the company and the matters in respect of which the receipt and expenditure takes place; (b ) all sales and purchases of goods by the company; (c) the assets and liabilities of the company. (2 ) For the purposes of subsection (1), proper books of account shall not be deemed to be kept with respect to the matters aforesaid if there are not kept such books as are necessary to give a true and fair view of the state of the company’s affairs and to explain transactions. (3 ) The books of account shall be kept at the registered office of the company or at such other place as the directors think fit and shall at all times be open to inspection by the directors: Provided that if books of account are kept at a place outside Zimbabwe there shall be sent to, and kept at a place in, Zimbabwe and be at all times open to inspection by the directors such accounts and returns with respect to the business dealt with in the books of account so kept as will disclose with reasonable accuracy the financial position of that business at intervals not exceeding twelve months and will enable to be prepared in accordance with this Act the company’s balance sheet, its profit and loss account or income and expenditure account, and any document annexed to any of those documents giving information which is r equired by this Act and is thereby allowed to be so given. (4 ) The books of account kept in terms of this section may be destroyed after eight years from the completion of the transactions or operations to which they relate. (5 ) If any director of a company fails to take all reasonable steps to secure compliance by the company with the requirements of this section or has by his own wilful act been the cause of any default by the company thereunder he shall, in respect of each default and subject to section one hundred and forty-eight, be guilty of an offence and liable to a fine not exceeding level six. (6 ) Subsection (3 ) shall not exempt a person from compliance with the Customs and Excise Act [Chapter 23:02] or any other law. (7 ) A person who retains, in terms of subsection (2) of section 81 of the Income Tax Act [ Chap ter 23:06], a photographic reproduction of any books of account shall be deemed for the purposes of this section to have kept such books of account. [Section as amended by Act No. 22 of 2001] 141 Profit and loss account and balance sheet and financial year of holding company and subsidiary (1 ) The directors of a company shall cause to be made out in respect of every financial year of the company, and to be laid before the company at each annual general meeting required to be held in terms of section one hundred and twenty-four, a profit and loss account and a balance sheet as at the end of the financial year, which shall comply with section one hundred and forty-two. (2 ) A holding company’s directors shall ensure that, except where in their opinion there are good reasons against it, the financial year of each of its subsidiaries shall coincide with the company’s own financial year. (3 ) Subject to section one hundred and forty-eight, if any director of a company fails to take all reason able steps to comply with the requirements of this section he shall be guilty of an offence and liable to a fine not exceeding level three or to imprisonment for a period not exceeding one month or to both such fine and such imprisonment [Section as amended by Act No. 22 of 2001] 142 General provisions as to contents and form of accounts (1 ) Every balance sheet of a company shall give a true and fair view of the state of affairs of the company as at the end of its financial year and every profit and loss account of a company, shall give a true and fair view of the profit or loss of the company for the financial year. (2 ) Subject to subsection (1 ), a company’s balance sheet and profit and loss or income and expenditure account shall comply with any requirements that may be prescribed in regulations in regard to their form and content and any additional information to be provided by way of notes. (3 ) The requirements of subsection (2) shall be without prejudice either to the general requirements of subsection (1) or to any other requirements of this Act. (4 ) The Minister may, on the application or with the consent of a company’s directors, modify in relation to that company any of the requirements of this Act as to the matters to be stated in a company’s balance sheet or profit and loss account, except the requirements of subsection (1), for the purpose of adapting them to the circumstances of the company. (5 ) Subsections (1) and (2 ) shall not apply to a company’s profit and loss account if— (a ) the company has subsidiaries; and