Paragraph 7 Accounts

(1)

The Council must—

(a)

keep accounts, which must be in such form as the Privy Council may determine; and

(b)

prepare annual accounts in respect of each financial year, which must be in such form and must be prepared by such date as the Privy Council determines.

(2)

In sub-paragraph (1), “financial year” means—

(a)

the period beginning with the day on which the Council is established and ending with the next 31 March following that day, and

(b)

each successive period of 12 months ending with 31 March.

(3)

The Council must ensure that a person eligible for appointment as a statutory auditor under Part 42 of the Companies Act 2006^f1 (statutory auditors) audits the Council’s annual accounts.

(4)

As soon as is reasonably practicable after those accounts have been audited, the Council must—

(a)

cause them to be published together with any report made on them by the auditors appointed under sub-paragraph (3); and

(b)

send a copy of those annual accounts and of any such report to the Privy Council,

and the Privy Council must lay before each House of Parliament and before the Scottish Parliament a copy of those annual accounts and of any report on the accounts made by the auditors appointed under sub-paragraph (3).

Annotations

Footnotes

f1: 2006 c.46.