SCHEDULE 1 Registered social landlords: regulation
Part III Accounts and audit
F1Industrial and provident societies exempt from audit requirements: accountant’s report
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(1)
This paragraph applies to registered social landlords which are industrial and provident societies.
(2)
Section 9A of the Friendly and Industrial and Provident Societies Act 1968 (duty to obtain accountant’s reports where section 4 applied) shall have effect, in its application to such a landlord, with the omission of subsection (1)(b) (accountant’s report required only where turnover exceeds a specified sum).
(3)
The Relevant Authority may, in respect of any relevant year of account of such a landlord, give a direction to the landlord requiring it—
(a)
to appoint a qualified auditor to audit its accounts and balance sheet for that year, and
(b)
to furnish to the Relevant Authority a copy of the auditor’s report by such date as is specified in the direction.
(4)
For the purposes of sub-paragraph (3), a year of account of a landlord is a “relevant year of account”if—
(a)
it precedes that in which the direction is given, and
(b)
at the end of it there is in force in relation to it a disapplication under section 4A(1) of the Friendly and Industrial and Provident Societies Act 1968.
(5)
In this paragraph—
“qualified auditor” means a person who is a qualified auditor for the purposes of the Friendly and Industrial and Provident Societies Act 1968;
“year of account” has the meaning given by section 21(1) of that Act.