Greater London Authority Act 1999

8 (1) The Committee shall keep accounting records which—

(a) set out and explain the Committee’s financial transactions,

(b) disclose with reasonable accuracy the financial status of the Committee at any time, and

(c) enable the Committee to comply with the requirements of this Act in preparing any statement of accounts.

(2) The Committee shall prepare in respect of each financial year a statement of accounts giving a true and fair view of—

(a) the Committee’s financial status at the end of that year, and

(b) the Committee’s income and expenditure for that year.

(3) If the Assembly issues guidance to the Committee as to the preparation of a statement of accounts, the Committee shall prepare the statement of accounts in compliance with the direction.

(4) A statement of accounts shall be audited by a person appointed by the Assembly as auditor to do so.

(5) A person shall not be qualified to be appointed as auditor unless—

(a) he is eligible for appointment as a company auditor under Part II of the [1989 c. 40.] Companies Act 1989 (eligibility for appointment as company auditor), and

(b) if the Committee were a company to which section 384 of the [1985 c. 6.] Companies Act 1985 applies (duty to appoint auditors), he would not be ineligible for appointment as company auditor of the Committee by virtue of section 27 of the [1989 c. 40.] Companies Act 1989 (ineligibility on ground of lack of independence).

(6) As soon as reasonably practicable after a statement of accounts has been audited, the auditor shall send a copy to the Assembly.

(7) The Committee’s financial year shall be such period as may be determined by the Assembly and notified to the Committee.