PART 3AUDITORS
Penalties for non-compliance (notification of appropriate audit authority)12
1
If an auditor fails to comply with regulation 10, an offence is committed by—
a
the auditor, and
b
if the auditor is a firm, every officer of the firm who is in default.
2
If an insurance undertaking fails to comply with regulation 11, an offence is committed by—
a
the insurance undertaking, and
b
every director of the insurance undertaking who is in default.
F12A
In relation to an offence by a body under paragraph (1)—
a
any person who purports to act as director, manager or secretary of the body is treated as an officer of the body, and
b
if the body is a company, any shadow director is treated as an officer of the company.
F33
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4
In proceedings for an offence under this section it is a defence for the person charged to show that he took all reasonable steps and exercised all due diligence to avoid the commission of the offence.
5
A person guilty of an offence under this regulation is liable—
a
on conviction on indictment, to a fine, and
b
on summary conviction, to a fine not exceeding the statutory maximum.
F26
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