Accounts, audit and auditors
39CF1Authority’spower to require accounts of past years to be audited.
F2(1)
The F3Authority may give a direction to a registered society or branch in respect of any relevant year of account of the society or branch before the year of account in which the direction is given—
(a)
requiring it to appoint a qualified auditor or qualified auditors to audit its accounts and balance sheet for that year, and
(b)
where it has sent to F3theAuthorityits 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 F3the Authoritywithin three months from receipt of the direction a further annual return complying with the requirements of this Act (other than that as to time of sending).
(2)
A failure by a registered society or branch to comply with any direction given by the F3Authority under subsection (1) above shall be an offence under this Act.
(3)
For the purposes of subsection (1) above, a year of account of a registered society or branch is relevant year of account if it is one at the end of which there is in force in relation to it a disapplication under section 32A(1) above.