Film Levy Finance Act 1981

Accounts, audit and reports

7 (1) The Agency shall—

(a) keep proper accounts and proper records in relation to the accounts ; and

(b) prepare in respect of each financial year of the Agency a statement of accounts in such form as the Secretary of State, with the approval of the Treasury, may direct, being a form conforming with the best commercial standards.

(2) The accounts of the Agency shall be audited by auditors to be appointed annually by the Secretary of State.

(3) A person shall not be qualified to be appointed under sub-paragraph (2) unless he is a member of one or more of the following bodies—

• the Institute of Chartered Accountants in England and Wales ;

• the Institute of Chartered Accountants of Scotland ;

• the Association of Certified and Corporate Accountants ;

• the Institute of Chartered Accountants in Ireland ;

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

but a Scottish firm may be appointed under sub-paragraph (2) if each of the partners is qualified to be so appointed.

(4) As soon as the accounts of the Agency for any financial year have been audited, the Agency shall send to the Secretary of State a report setting out what has been done in the discharge of their functions during that year.

(5) Any such report shall include a copy of the statement of accounts for the financial year in question together with a copy of any report made by the auditors on the statement or on the accounts.

(6) The Secretary of State shall lay a copy of every report sent to him under sub-paragraph (4) before each House of Parliament.