Local Employment Act 1972

12 Accounts and reports of the corporations

(1) An industrial estates corporation shall keep proper accounts and proper records in relation to the accounts, and shall prepare in respect of each financial year of the corporation a statement of accounts in such form as the Secretary of State, with the consent of the Treasury, may direct, being a form conforming with the best commercial standards.

(2) The accounts of an industrial estates corporation shall be audited by auditors to be appointed annually by the Secretary of State.

(3) No person shall be qualified to be appointed under subsection (2) of this section unless he is a member of one or more of the following bodies:—

(a) the Institute of Chartered Accountants in England and Wales;

(b) the Institute of Chartered Accountants of Scotland;

(c) the Association of Certified Accountants ;

(d) the Institute of Chartered Accountants in Ireland;

(e) any other body of accountants established in the United Kingdom and for the time being recognised by the Secretary of State for the purposes of section 161(1)(a) of the [1948 c. 38.] Companies Act 1948.

(4) So soon as the accounts of an industrial estates corporation for any financial year have been audited, the corporation shall send to the Secretary of State a report on the discharge of its functions during that year and that report shall include a copy of the statement of accounts for that year together with a copy of any report made by the auditors on the accounts.