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Oil and Pipelines Act 1985

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Changes over time for: Cross Heading: Accounts and audit

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Version Superseded: 06/04/2008

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Point in time view as at 23/05/2003.

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There are currently no known outstanding effects for the Oil and Pipelines Act 1985, Cross Heading: Accounts and audit. Help about Changes to Legislation

Accounts and auditU.K.

9(1)It shall be the duty of the Agency—U.K.

(a)to keep proper accounts and proper records in relation thereto; and

(b)to prepare in respect of each accounting year a statement of accounts giving a true and fair view of the state of affairs and, subject to sub-paragraph (2) below, the profit or loss of the Agency.

(2)It shall be the duty of the Agency to prepare, in respect of each accounting year in which it has [F1subsidiary undertakings], a statement of consolidated accounts dealing with, and giving a true and fair view of, the state of affairs and the profit or loss of—

(a)the Agency and all of its [F1subsidiary undertakings]; or

(b)the Agency and such of its [F1subsidiary undertakings] as the Agency may determine and the Secretary of State and the Treasury may for the time being approve;

and where the Agency prepares such a statement of consolidated accounts in respect of any accounting year, the Secretary of State may with the approval of the Treasury direct that the statement of accounts prepared by the Agency under sub-paragraph (1) above in respect of that year shall not be required to show the Agency’s profit or loss.

[F2In this sub-paragraph “subsidiary undertaking” has the same meaning as in Part VII of the Companies Act 1985].

(3)Without prejudice to the requirements of sub-paragraphs (1) and (2) above, every statement of accounts prepared by the Agency in accordance with this paragraph shall comply with any requirement which the Secretary of State has with the approval of the Treasury notified in writing to the Agency relating to—

(a)the information to be contained in the statement;

(b)the manner in which that information is to be presented; and

(c)the methods and principles according to which the statement is to be prepared.

(4)The accounts kept, and all statements prepared, by the Agency under this paragraph [F3in respect of accounting years ending on or before 31st March 2002]shall be audited by auditors appointed for each [F4such]accounting year by the Secretary of State after consultation with the Agency.

F5 [( 5 )a person shall not be appointed under sub-paragraph (4) above unless he is eligible for appointment as a company auditor under section 25 of the Companies Act 1989.]

(6)As soon as the accounts kept, and the statements prepared, by the Agency under this paragraph [F6in respect of accounting years ending on or before 31st March 2002]have been audited, the Agency shall send to the Secretary of State a copy of the statements together with a copy of any report made by the auditors on the statements or on the accounts of the Agency; and the Secretary of State shall lay a copy of every statement and report of which a copy is received by him in pursuance of this sub-paragraph before each House of Parliament.

[F7(7)The Agency shall send the accounts kept in respect of each accounting year ending on or after 31st March 2003 and the statement of accounts prepared by it under this paragraph in respect of each such accounting year to the Comptroller and Auditor General as soon as reasonably practicable after the end of the accounting year to which the accounts relate.]

[F7(8)The Comptroller and Auditor General shall examine, certify and report on each statement of accounts sent to him by the Council under sub-paragraph (7) and shall lay a copy of the statement and his report on it before each House of Parliament.]

Textual Amendments

F1 Words substituted by Companies Act 1989 (c. 40, SIF 27) , s. 23 , Sch. 10 para. 33 (subject to savings and transitional provisions in S.I. 1990/1392 , art. 6 )

F2 Words added by Companies Act 1989 (c. 40, SIF 27) , s. 23 , Sch. 10 para. 33 (subject to savings and transitional provisions in S.I. 1990/1392 , art. 6 )

F5 Sch. 3 para. 9(5) substituted (1.10.1991) by S.I. 1991/1997 , reg. 2 ,Sch. (with reg. 4)

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