32 Audit of exempt societies and branches.U.K.
(1)Subject to any direction given by the [F1appropriate authority] under subsection (2) below, every registered society or branch which is an exempt society or an exempt branch in respect of the current year of account shall in that year appoint at its option either—
(a)a qualified auditor or qualified auditors, or
(b)two or more persons who are not qualified auditors,
to audit its accounts and balance sheet for that year.
(2)The [F1appropriate authority] may give a direction in the case of any particular society or branch which is an exempt society or branch in respect of the current year of account requiring it to appoint a qualified auditor to audit its accounts and balance sheet for that year.
(3)The [F1appropriate authority] may give a direction in the case of any particular society or branch which was an exempt society or branch in respect of any year of account before that in which the direction is given and did not appoint a qualified auditor or qualified auditors to audit its accounts and balance sheet for that year—
(a)requiring it to appoint a qualified auditor to audit those accounts and that balance sheet, and
(b)in a case where that society or branch has sent to [F2the [F1appropriate authority]] its annual return for that year before the date of the direction, requiring it, after its accounts and balance sheet have been audited by a qualified auditor, to send to [F2the [F1appropriate authority]] within three months from receipt of the direction a further annual return complying with the requirements of this Act (other than the requirement as to the time at which the annual return must be sent).
(4)A failure by a registered society or branch to comply with any direction given by the [F1appropriate authority] under this section shall be an offence under this Act.
Textual Amendments
F1Words in s. 32 substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 5 para. 4 (with Sch. 12)
F2Words in s. 32(3)(b) substituted (17.8.2001 for certain purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. I para. 12(b) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
Modifications etc. (not altering text)
C1By Friendly Societies Act 1992 (c. 40), s. 95, Sch. 16 para. 12 (with ss. 7(5) and 93(4)); S.I. 1993/2213, art. 2, Sch. 6 (1.1.1994) it is provided that ss. 29-45 shall cease to have effect in relation to registered friendly societies and registered branches of such societies.