Paragraph 34 Accounts and auditI1

England and Wales

(1)

The IFR must—

(a)

keep proper accounts and proper records in relation to them, and

(b)

prepare a statement of accounts in respect of each financial year.

(2)

Each statement of accounts must comply with any directions given by the Secretary of State as to—

(a)

its content and form;

(b)

the methods and principles to be applied in preparing it;

(c)

the additional information (if any) which is to be provided for the information of Parliament.

(3)

The IFR must send a copy of each statement of accounts to the Secretary of State and the Comptroller and Auditor General as soon as reasonably practicable after the end of the financial year to which the statement relates.

(4)

The Comptroller and Auditor General must—

(a)

examine, certify and report on each statement of accounts, and

(b)

send a copy of each report and certified statement to the Secretary of State.

(5)

The Secretary of State must lay before Parliament a copy of each document mentioned in sub-paragraph (4)(b).

(6)

In this paragraph, “financial year” means—

(a)

the period beginning with the day on which this Schedule comes into force and ending with 31 March in the following year, and

(b)

each successive period of 12 months.

Annotations

Commencement

I1: Sch. 2 para. 34 in force at Royal Assent, see s. 100(2)(b)