SCHEDULES
SCHEDULE 5The Traffic Director for London
Accounts
7
1
The Director shall keep accounts and shall prepare a statement of accounts in respect of each financial year.
2
The accounts shall be kept, and the statement shall be prepared, in such form as the Secretary of State may, with the approval of the Treasury, direct.
3
The accounts shall be audited by persons appointed in respect of each financial year by the Secretary of State.
4
No person shall be qualified to be appointed as auditor under this paragraph unless he is—
a
a member of a body of accountants established in the United Kingdom and for the time being recognised for the purposes of Part II of the [1989 c. 40.] Companies Act 1989; or
b
a member of the Chartered Institute of Public Finance and Accountancy;
but a firm may be appointed as auditor under this paragraph if each of its members is qualified to be so appointed.
5
In this paragraph, and in paragraph 8 below, “financial year” means—
a
the period beginning with the day on which the first person to hold the office of Director takes office and ending with the following 31st March; and
b
each subsequent period of twelve months ending with 31st March.