SCHEDULE 1CONSEQUENTIAL AMENDMENTS OF THE 1985 ACT

14

1

Section 251 (summary financial statements)16 is amended as follows.

2

Omit subsection (2ZA).

3

In subsection (2D)—

a

omit the words “(2ZA) or”, and

b

in paragraphs (a) and (b) omit the words “review or”.

4

In subsection (3) omit the words “or (in the case of a quoted company) operating and financial review”.

5

In subsection (3A) for “, directors' report or operating and financial review” substitute “or directors' report”.

6

In subsection (4)—

a

in paragraph (aa) omit—

i

the words “or (in the case of a quoted company) the operating and financial review”, and

ii

the words “or review”;

b

omit paragraph (ac);

c

in paragraph (b)(i) omit—

i

the words “or operating and financial review”, and

ii

the words “or review”;

d

for paragraph (ca) substitute—

ca

state whether, in that report, the auditor’s statement under section 235(3) (whether directors' report is consistent with accounts) was qualified or unqualified and, if qualified, set out the qualified statement in full together with any further material needed to understand the qualification;