12(1)The Commission shall keep proper accounts and proper records in relation to them.E+W
(2)The Commission shall prepare a statement of accounts in respect of each financial year.
(3)The statement shall give a true and fair view of the state of the Commission’s affairs at the end of the financial year and of the Commission’s income and expenditure in the financial year.
(4)The statement shall—
(a)be prepared within such period as the Secretary of State may direct; and
(b)comply with any directions given by the Secretary of State with the Treasury’s consent as to the information to be contained in the statement, the manner in which the information is to be presented or the methods and principles according to which the statement is to be prepared.
(5)The accounts [F1in respect of each financial year ending on or before 31st March 2004] (including any statement [F2of accounts in respect of each such financial year] prepared under this paragraph) shall be audited by persons appointed in respect of each [F3such] financial year by the Secretary of State.
(6)No person [F4shall be appointed auditor under this paragraph unless he is–
(a)eligible for appointment as a [F5statutory auditor under Part 42 of the Companies Act 2006]; or]
(b)a member of the Chartered Institute of Public Finance and Accountancy; but a firm may be so appointed if each of its members is qualified to be so appointed.
[F6(6A)Where the Commission has prepared a statement of accounts in respect of a financial year ending on or after 31st March 2005, it must, as soon as reasonably practicable after the end of the financial year to which the statement relates, send a copy of the statement to the Comptroller and Auditor General.
(6B)The Comptroller and Auditor General shall examine, certify and report on any statement of accounts sent to him under sub-paragraph (6A).]
(7)In this paragraph “financial year” means the period commencing with the day of the Commission’s establishment and ending with the second 31 March following that day, and each successive period of 12 months.
Textual Amendments
F1Words in Sch. 3 para. 12(5) inserted (23.5.2003) by Government Resources and Accounts Act 2000 (Audit of Public Bodies) Order 2003 (S.I. 2003/1326), arts. 1, 14(2)(a)(i)
F2Words in Sch. 3 para. 12(5) inserted (23.5.2003) by Government Resources and Accounts Act 2000 (Audit of Public Bodies) Order 2003 (S.I. 2003/1326), arts. 1, 14(2)(a)(ii)
F3Word in Sch. 3 para. 12(5) inserted (23.5.2003) by Government Resources and Accounts Act 2000 (Audit of Public Bodies) Order 2003 (S.I. 2003/1326), arts. 1, 14(2)(a)(iii)
F4Sch. 3 para. 12(6)(a) and the words preceding substituted by S.I. 1991/1997, reg. 2, Sch. para.49 (with reg. 4)
F5Words in Sch. 3 para. 12(6)(a) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), Sch. 1 para. 1(cc) (with arts. 6, 11, 12)
F6Sch. 3 para. 12(6A)(6B) inserted (23.5.2003) by Government Resources and Accounts Act 2000 (Audit of Public Bodies) Order 2003 (S.I. 2003/1326), arts. 1, 14(2)(b)