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Paragraph 21 Accounts and Audit

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

The Corporation shall—

(a)

keep proper accounts and proper records in relation to the accounts; and

(b)

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

(2)

The statement shall—

(a)

give a true and fair account of the state of the Corporation’s affairs at the end of the financial year and of the Corporation’s income and expenditure in the financial year; and

(b)

comply with any directions given by the Further Education Funding Council for England as to the information to be contained in it, the manner in which the information is to be presented, the methods and principles according to which it is to be prepared and the time and manner of publication.

(3)

The accounts (including any statement prepared under this clause) shall be audited by persons appointed in respect of each financial year by the Corporation.

(4)

Such auditors shall be appointed, and other audit work conducted, in accordance with any requirements of the Further Education Funding Council for England.

(5)

In this clause in relation to the Corporation “financial year” means the period commencing with the date on which the Corporation is established and ending with the second 31st July following that date and each successive period of twelve months.