PART III

Accounts and Audit

Audit of accounts

Appointment of auditors
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1
An auditor appointed by the Commission to audit the accounts of any body whose accounts are required to be audited in accordance with this Part of this Act may be an officer of the Commission, an individual who is not such an officer or a firm of such individuals.
2
Where two or more auditors are appointed in relation to the accounts of any body, some but not others may be officers of the Commission and they may be appointed to act jointly, to act separately in relation to different parts of the accounts or to discharge different functions in relation to the audit.
3
Before appointing any auditor or auditors to audit the accounts of any body the Commission shall consult that body.
4
For the purpose of assisting the Commission in deciding on the appointment of an auditor or auditors in relation to the accounts of any body the Commission may require that body to make available for inspection by or on behalf of the Commission such documents relating to any accounts of the body as the Commission may reasonably require for that purpose.
5
A person shall not be appointed by the Commission as an auditor unless he is a member of one or more of the bodies mentioned in subsection (6) below or has such other qualifications as may be approved for the purposes of this section by the Secretary of State; and a firm shall not be so appointed unless each of its members is a member of one or more of those bodies.
6
The bodies referred to in subsection (5) above are—
a
the Institute of Chartered Accountants in England and Wales;
b
the Institute of Chartered Accountants of Scotland;
c
the Association of Certified Accountants;
d
the Chartered Institute of Public Finance and Accountancy ;
e
the Institute of Chartered Accountants in Ireland; and
f
any other body of accountants established in the United Kingdom and for the time being approved by the Secretary of State for the purposes of this section.
7
The appointment by the Commission of an auditor who is not an officer of the Commission shall be on such terms and for such period as the Commission may determine.
8
Arrangements may be approved by the Commission, either generally or in any particular case, for a person or persons to assist an auditor appointed by the Commission by carrying out such of his functions under this Part of this Act as may be specified in the arrangements; and references in the following provisions of this Part of this Act to an auditor include, in relation to any function of an auditor, a reference to any person carrying out that function under arrangements approved under this subsection.
9
Subsection (8) above applies whether or not the auditor is an officer of the Commission.