SCHEDULES
SCHEDULE 18 London Transport Users’ Committee
Accounts
8
1
The Committee shall keep accounting records which—
a
set out and explain the Committee’s financial transactions,
b
disclose with reasonable accuracy the financial status of the Committee at any time, and
c
enable the Committee to comply with the requirements of this Act in preparing any statement of accounts.
2
The Committee shall prepare in respect of each financial year a statement of accounts giving a true and fair view of—
a
the Committee’s financial status at the end of that year, and
b
the Committee’s income and expenditure for that year.
3
If the Assembly issues guidance to the Committee as to the preparation of a statement of accounts, the Committee shall prepare the statement of accounts in compliance with the direction.
4
A statement of accounts shall be audited by a person appointed by the Assembly as auditor to do so.
5
A person shall not be qualified to be appointed as auditor unless—
a
he is eligible for appointment as a F2statutory auditor under Part 42 of the Companies Act 2006 (eligibility for appointment as company auditor), and
F1b
if the appointment were an appointment as a statutory auditor, he would not be prohibited from acting by section 1214 of that Act (independence requirement).
6
As soon as reasonably practicable after a statement of accounts has been audited, the auditor shall send a copy to the Assembly.
7
The Committee’s financial year shall be such period as may be determined by the Assembly and notified to the Committee.