SCHEDULES

SCHEDULE 7Constitution of public benefit corporations

24Accounts

1

A public benefit corporation must keep accounts in such form as the regulator may with the approval of the Treasury direct.

2

The accounts must be audited by the corporation’s auditor.

3

But the Comptroller and Auditor General may examine—

a

the accounts,

b

any records relating to them, and

c

any report of the auditor on them.

4

If trustees are appointed under section 51, the Comptroller and Auditor General may also examine—

a

the accounts kept by the trustees,

b

any records relating to them, and

c

any report of an auditor on them.

5

In auditing the accounts the auditor must comply with any directions given by the regulator as to the standards, procedures and techniques to be adopted.