Report and accounts
9(1)The Regulations must require the body, at least once in each 12 month period, to report to the Secretary of State on—
(a)the exercise of the functions conferred on it by the Regulations, and
(b)such other matters as may be prescribed in the Regulations.
(2)The Regulations must require the Secretary of State to lay before Parliament a copy of each report received under this paragraph.
(3)Unless section 394 of the Companies Act 2006 applies to the body (duty on every company to prepare individual accounts), the Regulations must provide that the Secretary of State may give directions to the body with respect to the preparation of its accounts.
(4)Unless the body falls within sub-paragraph (5), the Regulations must provide that the Secretary of State may give directions to the body with respect to the audit of its accounts.
(5)The body falls within this sub-paragraph if it is a company whose accounts—
(a)are required to be audited in accordance with Part 16 of the Companies Act 2006 (see section 475 of that Act), or
(b)are exempt from the requirements of that Part under section 482 of that Act (non-profit making companies subject to public sector audit).
(6)The Regulations may provide that, whether or not section 394 of the Companies Act 2006 applies to the body, the Secretary of State may direct that any provisions of that Act specified in the directions are to apply to the body with or without modifications.