For each financial year the Authority shall prepare a summary statement of accounts.

The summary statement of accounts shall be in respect of the Authority, the functional bodies and the London Pensions Fund Authority.

Subsection (1) above is without prejudice to any other duty of the Authority, a functional body or the London Pensions Fund Authority to prepare accounts or statements of accounts.

Section 14 of the M1Audit Commission Act 1998 (inspection of statements of accounts and auditors’ reports) shall apply in relation to a summary statement of accounts required to be prepared under this section as it applies in relation to a statement of accounts prepared by the Authority under regulations under section 27 of that Act.

Sections 15 to 24 of the M2Audit Commission Act 1998 (public inspection etc and action by the auditor, and prevention of unlawful expenditure) shall not apply in relation to a summary statement of accounts required to be prepared under this section.

Section 27 of the M3Audit Commission Act 1998 (accounts and audit regulations) shall apply in relation to a summary statement of accounts required to be prepared under this section as it applies in relation to accounts or statements of accounts.