Accountants' reports for licensed bodies3.
(1)
Where an accountant, during the course of preparing a report in accordance with licensing rules made by the Society—
(a)
discovers evidence of fraud or theft in relation to money held by a licensed body for a client or any other person (including money held on trust) or money held in an account of a client of a licensed body or an account of another person which is operated by the licensed body; or
(b)
obtains information which the accountant has reasonable cause to believe is likely to be of material significance in determining whether a licensed body is a fit and proper person to hold money for clients or other persons (including money held on trust) or to operate an account of a client of the licensed body or an account of another person,
the accountant must immediately give a report of the matter to the Society.
(2)
No duty to which an accountant is subject is to be regarded as contravened merely because of any information or opinion contained in a report under paragraph (1).