In subsection (4) of section 79 of the 1986 Act (auditor’s report and powers), for the words “subsidiary undertaking”, in each place where they occur, there shall be substituted the words “ connected undertaking ”.

Subsection (5) of that section shall cease to have effect.

In subsection (9) of that section, for the words “subsidiary undertaking of or is associated with” there shall be substituted the words “ connected undertaking of ”.