Universities (Scotland) Act 1966

12 Annual reports and financial statements

(1) The University Court of each of the older Universities shall lay before the General Council annually—

(a) a report of the work and activities of the University, and

(b) a financial statement of the University which shall be audited by auditors appointed by the University Court.

(2) No person shall be qualified to be appointed as an auditor under this section unless he is a member of one or more of the following bodies:—

(a) the Institute of Chartered Accountants of Scotland;

(b) the Institute of Chartered Accountants in England and Wales;

(c) the Institute of Chartered Accountants in Ireland ;

(d) the Association of Certified and Corporate Accountants ;

(e) any other body of accountants established in the United Kingdom and for the time being recognised for the purposes of section 161(1)(a) of the [1948 c. 38.] Companies Act 1948 by the Board of Trade ;

but a Scottish firm may be so appointed if each of the partners thereof is qualified to be so appointed.

(3) No person shall be qualified to be appointed as an auditor under this section who is, or any member of whose firm is, a member of the University Court or of the staff of the University concerned.