Prospective
43Audit by AccountantS
(1)Where the Accountant receives accounts prepared by a judicial factor by virtue of this Act the Accountant must audit the accounts in accordance with this section.
(2)In auditing accounts prepared by a judicial factor the Accountant may—
(a)examine such further information in relation to the accounts as the Accountant considers appropriate,
(b)if the Accountant considers it necessary or expedient to do, remit the accounts for auditing to such duly qualified persons as the Accountant may select.
(3)Where the Accountant remits the accounts for auditing, the Accountant—
(a)must supervise the audit,
(b)retains responsibility for the accuracy of the audit.
(4)When an audit is complete, the Accountant must set out the results in a report and send a copy of the report to the judicial factor.
(5)If in the course of the audit the Accountant or the person to whom the accounts have been remitted (as the case may be)—
(a)comes to the view that some aspect of the accounts requires to be explained, then the judicial factor must be given an opportunity to provide the explanation before the audit is completed, or
(b)makes any correction to the accounts, then the Accountant (or the person), on being required to do so by the judicial factor, must explain the correction and the reason for making it.
(6)Any costs incurred in remitting the accounts to a person under subsection (2)(b) are to be met from the factory estate.
Commencement Information
I1S. 43 not in force at Royal Assent, see s. 54(2)