SCHEDULE 1AMENDMENTS COMING INTO FORCE ON 6TH APRIL 2008

PART 1AMENDMENTS ABOUT ELIGIBILITY FOR APPOINTMENT AS AUDITOR AND RELATED MATTERS

16

1

Schedule 14 to the Friendly Societies Act 1992 (auditors: appointment, tenure, qualifications and remuneration) is amended as follows.

2

After paragraph 3 insert—

Appointments to which the Audit Directive applies3A

1

Appointment as auditor of a friendly society to which the Audit Directive applies is an appointment as a statutory auditor to which the provisions of Part 42 of the Companies Act 2006 apply.

2

The following provisions of this Schedule do not apply in that case—

a

paragraphs 4 and 5 (eligibility for appointment),

b

paragraph 6 (appointment of partnership),

c

paragraph 7 (cases in which auditor need not be a member of a recognised supervisory body), and

d

paragraph 8 (effect of ineligibility).

3

In paragraph 4(3), in the definition of “recognised supervisory body” for “Part II of the Companies Act 1989 or Part III of the Companies (Northern Ireland) Order 1990” substitute “ Part 42 of the Companies Act 2006 ”.

4

In paragraph 5(1), for “ineligible by virtue of section 27(1)(a) or (b) of the Companies Act 1989 or Article 20(1) of the Companies (Northern Ireland) Order 1990 for appointment as a company auditor” substitute “ prohibited by section 1214(2) of the Companies Act 2006 (independence requirement) from acting as statutory auditor ”.