(1)The Authority shall keep proper accounts and proper records in relation to the accounts, and shall prepare in respect of each financial year a statement of accounts in such form as the Secretary of State with the approval of the Treasury may direct, being a form which shall conform with the best commercial standards.
[F1(2)The accounts of the Authority shall be audited by auditors to be appointed by the Authority with the approval of the Secretary of State.
(2A)A person shall not be qualified to be appointed as an auditor in pursuance of subsection (2) above 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 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 [F2section 389(1)(a) of the M1Companies Act 1985] by the Secretary of State;
but a Scottish firm may be so appointed if each of the partners in the firm is qualified to be so appointed.]
(3)The Authority shall at all reasonable times upon demand made by the Secretary of State or by any person authorised by him in that behalf—
(a)afford to him or them full liberty to examine the accounts of the Authority, and
(b)furnish him or them with all forecasts, estimates, information and documents which he or they may require with respect to the financial transactions and engagements of the Authority.
Textual Amendments
F1S. 42(2)(2A) substituted for s. 42(2) by Cable and Broadcasting Act 1984 (c. 46, SIF 96), s. 57(1), Sch. 5 para. 40(5)
F2Words substituted by Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), s. 30, Sch. 2.
Modifications etc. (not altering text)
C1Ss. 2(2)(a)(b), 3(1)(a)(b)(3)(4)(7), 4, 5, 8, 9, 14(1), 15, 16(1), 42, 61, 62 extended (prosp.) by Cable and Broadcasting Act 1984 (c. 46, SIF 96), ss. 44(1), 51(1), 59(4), Sch. 4
Marginal Citations