Modifications etc. (not altering text)
C1Sch. 3: transfer of functions (29.12.2003) by Communications Act 2003 (c. 21), s. 411(2), Sch. 1 para. 4 (with Sch. 18); S.I. 2003/3142, art. 3(1), Sch. 1 (with art. 11)
12(1)The Corporation 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 may direct with the approval of the Treasury.U.K.
(2)The accounts of the Corporation shall be audited by auditors to be appointed by the Corporation with the approval of the Secretary of State.
F1(3)A person shall not be qualified to be appointed as a auditor in pursuance of sub-paragraph (2) unless he is eligible for appointment as a [F2statutory auditor under Part 42 of the Companies Act 2006].
(4)The Corporation shall at all reasonable times upon demand made by the Secretary of State or by any persons authorised by him in that behalf—
(a)afford to him or them full liberty to examine the accounts of the Corporation; 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 commitments of the Corporation.
Textual Amendments
F1Sch. 3 para. 12(3) substituted (1.10.1991) by S.I. 1991/1997, reg. 2, Sch. para.77(3).
F2Words in Sch. 3 para. 12(3) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 1(pp)(i) (with arts. 6, 11, 12)