Regulation 31 Audit
The terms of a scheme must require that the directors of the operator, in the case of a corporate based scheme, and the operator with the approval of the trustee, in the case of a trust based scheme, at the outset and upon any vacancy, appoint as an auditor for the scheme any person who meets the conditions described in paragraph (2).
A person meets the conditions described in this paragraph if–
he is qualified, under section 389 of the Companies Act 1985 or the corresponding Northern Ireland enactment, for appointment as auditor of a company which is not an unquoted company within the meaning of that section or that enactment; and
he is not a person who would, by virtue of any provision of section 389(6) or (7) of the Companies Act 1985 or the corresponding Northern Ireland enactment, be disqualified for appointment as auditor of the operator, in the case of a corporate based scheme, or of the trustee or the operator in the case of a trust based scheme.
The terms of a scheme must provide for the audit fees of the auditor to be determined by the operator, in the case of a corporate based scheme, and by the operator with the approval of the trustee, in the case of a trust based scheme.
The terms of a scheme must provide that the operator is responsible for ensuring that the accounts referred to in regulation 32 are audited by the person appointed as auditor for the scheme.