Financial provisions

7 Accounts and audit. C1

1

The Corporation shall—

a

keep proper accounts and proper records in relation to the accounts; and

b

prepare in respect of each financial year of the Corporation a statement of accounts in such form as the Secretary of State, with the approval of the Treasury, may direct, being a form conforming with the best commercial standards.

2

The accounts of the Corporation shall be audited by auditors to be appointed annually by the Secretary of State.

3

A person shall not be qualified to be appointed under subsection (2) unless he is a member of one or more of the following bodies—

  • the Institute of Chartered Accountants in England and Wales;

  • the Institute of Chartered Accountants of Scotland;

  • the Association of Certified and Corporate Accountants;

  • the Institute of Chartered Accountants in Ireland;

  • any other body of accountants established in the United Kingdom and for the time being recognised for the purposes of F2section 389(1)(a) of the M1Companies Act 1985 by the Secretary of State;

but a Scottish firm may be appointed under subsection (2) if each of the partners is qualified to be so appointed.

4

As soon as the accounts of the Corporation for any financial year have been audited, the Corporation shall send to the Secretary of State a copy of the statement of accounts prepared in respect of that year together with a copy of any report made by the auditors on the statement or on the accounts.

5

The Secretary of State shall lay a copy of every such statement and report before each House of Parliament.