SCHEDULES
SCHEDULE 1 Registered social landlords: regulation
Part III Accounts and audit
F1Companies exempt from audit requirements: accountant’s report
F216C
1
The reporting accountant must be either—
a
a member of a body listed in sub-paragraph (4) who, under the rules of the body—
i
is entitled to engage in public practice, and
ii
is not ineligible for appointment as a reporting accountant, or
b
any person (whether or not a member of any such body) who—
i
is subject to the rules of any such body in seeking appointment or acting as a statutory auditor under Part 42 of the Companies Act 2006, and
ii
under those rules, is eligible for such appointment.
2
In sub-paragraph (1), references to the rules of a body listed in sub-paragraph (4) are to the rules (whether or not laid down by the body itself) which the body has power to enforce and which are relevant for the purposes of Part 42 of the Companies Act 2006 (statutory auditors) or this paragraph.
This includes rules relating to the admission and expulsion of members of the body, so far as relevant for the purposes of that Part or this paragraph.
3
An individual or a firm may be appointed as a reporting accountant, and section 1216 of the Companies Act 2006 (effect of appointment of partnership) applies to the appointment as reporting accountant of a partnership constituted under the law of England and Wales or Northern Ireland, or under the law of any other country or territory in which a partnership is not a legal person.
4
The bodies referred to in sub-paragraphs (1) and (2) are—
a
the Institute of Chartered Accountants in England and Wales,
b
the Institute of Chartered Accountants of Scotland,
c
the Institute of Chartered Accountants in Ireland,
d
the Association of Chartered Certified Accountants,
e
the Association of Authorised Public Accountants,
f
the Association of Accounting Technicians,
g
the Association of International Accountants,
h
the Chartered Institute of Management Accountants, and
i
the Institute of Chartered Secretaries and Administrators.
5
The Secretary of State may by order amend sub-paragraph (4) by adding or removing a body to or from the list in that sub-paragraph or by varying any entry for the time being included in that list.
6
An order under sub-paragraph (5) shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.
7
A person may not be appointed by a company as reporting accountant if he would be prohibited from acting as auditor of that company by virtue of section 1214 of the Companies Act 2006 (independence requirement).
Sch. 1 para. 16A and cross-heading inserted (18.1.2005) by Housing Act 2004 (c. 34), s. 270(3)(c), Sch. 11 para. 18