Part VI Accounts and Audit

Laying and furnishing of accounts and reports

78AF1Interpretation of Part 6

1

In this Part—

  • “annual accounts”, in relation to a friendly society or registered branch, means—

    1. a

      the individual accounts required by section 69A, and

    2. b

      any group accounts required by section 69E,

    together with the notes to those accounts;

  • F2“the Audit Directive” means Directive 2006/43/EC of the European Parliament and of the Council on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC (as to friendly societies to which the Directive applies, see subsection (3) below);

  • F5“firm” means any entity, whether or not a legal person, that is not an individual and includes a body corporate, a corporation sole, and a partnership or other unincorporated association;

  • “IAS accounts” means IAS individual accounts or IAS group accounts;

  • “IAS Regulation” means EC Regulation No. 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards ;

  • “income and expenditure account”, in relation to a friendly society or registered branch which prepares IAS accounts, includes an income statement or other equivalent financial statement required to be prepared by international accounting standards;

  • “international accounting standards” means the international accounting standards, within the meaning of the IAS Regulation, adopted from time to time by the European Commission in accordance with the IAS Regulation;

  • “non-directive friendly society” means a registered friendly society —

    1. a

      to which subsections (2) and (3) of section 37 (restriction of combinations of business do not apply; and

    2. b

      which does not carry on reinsurance business;

  • “parent undertaking” and “subsidiary undertaking” shall be construed in accordance with the provisions of F4section 1162 of the Companies Act 2006, read in conjunction with section 1161(1) of and Schedule 7 to that Act.

  • F5“senior statutory auditor” has meaning given by section 74A(1) above;

2

References in this Part to accounts giving a “true and fair view” are references—

a

in the case of Friendly Societies Act individual accounts, to the requirement under section 69B that such accounts give a true and fair view;

b

in the case of Friendly Societies Act group accounts, to the requirement under section 69F that such accounts give a true and fair view; and

c

in the case of IAS accounts, to the requirement under international accounting standards that such accounts achieve a fair presentation.

F33

References in this Part to a friendly society to which the Audit Directive applies are to a friendly society that is an insurance undertaking within the meaning given by Article 2.1 of Council Directive 1991/674/EEC on the annual accounts and consolidated accounts of insurance undertakings.