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The Friendly and Industrial and Provident Societies Act 1968 (Audit Exemption) (Amendment) Order 2006

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Explanatory Note

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This Order amends the Friendly and Industrial and Provident Societies Act 1968 (c. 55) in respect of the conditions which must be satisfied in order for a society to be able to disapply section 4 of that Act. Section 4 imposes a duty on a society to appoint a qualified auditor to audit its accounts.

The Order is made under section 2 of the Industrial and Provident Societies Act 2002 so as to make these conditions consistent with the relevant company law conditions. The conditions for companies were altered by S.I. 2004/16.

Article 2 of the Order provides that, for a society to be able to disapply section 4, its assets must not exceed £2,800,000 (instead of £1,400,000) and its turnover must not exceed £5,600,000 (instead of £350,000). Article 3 provides for the amendments to have effect in relation to any year of account ending two months or more after the coming into force of this Order.

A Regulatory Impact Assessment of this Order is available from the General Insurance, Mutuals and Inclusion Team, HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ and at www.hm-treasury.gov.uk. Copies have been placed in the libraries of both Houses of Parliament.

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