Part I U.K. The Independent Broadcasting Authority

Accounts, audit and annual reports U.K.

42 Accounts and audit. U.K.

(1) The Authority shall keep proper accounts and proper records in relation to the accounts, and shall prepare in respect of each financial year a statement of accounts in such form as the Secretary of State with the approval of the Treasury may direct, being a form which shall conform with the best commercial standards.

[F1 (2) The accounts of the Authority shall be audited by auditors to be appointed by the Authority with the approval of the Secretary of State.

(2A) A person [F2 shall not be so appointed unless he is eligible for appointment as a company auditor under section 25 of the Companies Act 1989.]]

(3) The Authority shall at all reasonable times upon demand made by the Secretary of State or by any person authorised by him in that behalf—

(a) afford to him or them full liberty to examine the accounts of the Authority, and

(b) furnish him or them with all forecasts, estimates, information and documents which he or they may require with respect to the financial transactions and engagements of the Authority.

Textual Amendments

F1 S. 42(2)(2A) substituted for s. 42(2) by Cable and Broadcasting Act 1984 (c. 46, SIF 96), s. 57(1), Sch. 5 para. 40(5)

F2 Words in s. 42(2A) substituted (1.10.1991) by S.I. 1991/1997, regs. 1(1), 2, Sch. para.42

Modifications etc. (not altering text)

C1 Ss. 2(2)(a)(b), 3(1)(a)(b)(3)(4)(7), 4, 5, 8, 9, 14(1), 15, 16(1), 42, 61, 62 extended (prosp.) by Cable and Broadcasting Act 1984 (c. 46, SIF 96), ss. 44(1), 51(1), 59(4), Sch. 4