OpenLegislation

Paragraph 23

England and Wales

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

(1)

A public benefit corporation must have an auditor.

(2)

It is for F1the council of governors to appoint or remove the auditor at a general meeting of the council.

F2(3)

An auditor may be F3an individual or a firm —

F4(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

A person appointed as auditor must be—

(a)

eligible for appointment as a statutory auditor (see Part 42 of the Companies Act 2006),

(F5aa)

eligible for appointment as a local auditor (see Part 4 of the Local Audit and Accountability Act 2014), or

F6(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)

a member of F7a body of accountants approved by the regulator for the purposes of this paragraph.

F8(5)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6)

The corporation must establish a committee of non-executive directors as an audit committee to perform such monitoring, reviewing and other functions as are appropriate.

F9(7)

In this paragraph—

  • F10...

  • “firm” has the same meaning as in F11section 1261(1) of the Companies Act 2006.

Annotations

Textual amendments

F1

Words in Sch. 7 para. 23 substituted (1.10.2012) by Health and Social Care Act 2012 (c. 7), ss. 151(9)(b), 306(4); S.I. 2012/1831, art. 2(2)

F2

Sch. 7 para. 23(3)(4) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 258(3)(a) (with art. 10)

F3

Words in Sch. 7 para. 23(3) inserted (1.4.2015) by Local Audit and Accountability Act 2014 (c. 2), s. 49(1), Sch. 12 para. 73(2)(a); S.I. 2015/841, art. 3(x) (with Sch. para. 2) (as amended (27.6.2016) by S.I. 2016/675, art. 2)

F4

Sch. 7 para. 23(3)(a)-(c) omitted (1.4.2015) by virtue of Local Audit and Accountability Act 2014 (c. 2), s. 49(1), Sch. 12 para. 73(2)(b); S.I. 2015/841, art. 3(x) (with Sch. para. 2) (as amended (27.6.2016) by S.I. 2016/675, art. 2)

F5

Sch. 7 para. 23(4)(aa) inserted (1.4.2015) by Local Audit and Accountability Act 2014 (c. 2), s. 49(1), Sch. 12 para. 73(3)(a); S.I. 2015/841, art. 3(x) (with Sch. para. 2) (as amended (27.6.2016) by S.I. 2016/675, art. 2)

F6

Sch. 7 para. 23(4)(b) omitted (1.4.2015) by virtue of Local Audit and Accountability Act 2014 (c. 2), s. 49(1), Sch. 12 para. 73(3)(b); S.I. 2015/841, art. 3(x) (with Sch. para. 2) (as amended (27.6.2016) by S.I. 2016/675, art. 2)

F7

Word in Sch. 7 para. 23(4)(c) substituted (1.4.2015) by Local Audit and Accountability Act 2014 (c. 2), s. 49(1), Sch. 12 para. 73(3)(c); S.I. 2015/841, art. 3(x) (with Sch. para. 2) (as amended (27.6.2016) by S.I. 2016/675, art. 2)

F8

Sch. 7 para. 23(5) omitted (1.4.2015) by virtue of Local Audit and Accountability Act 2014 (c. 2), s. 49(1), Sch. 12 para. 73(4); S.I. 2015/841, art. 3(x) (with Sch. para. 2) (as amended (27.6.2016) by S.I. 2016/675, art. 2)

F9

Sch. 7 para. 23(7) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 258(3)(b) (with art. 10)

F10

Words in Sch. 7 para. 23(7) omitted (1.4.2015) by virtue of Local Audit and Accountability Act 2014 (c. 2), s. 49(1), Sch. 12 para. 73(5)(a); S.I. 2015/841, art. 3(x) (with Sch. para. 2) (as amended (27.6.2016) by S.I. 2016/675, art. 2)

F11

Words in Sch. 7 para. 23(7) substituted (1.4.2015) by Local Audit and Accountability Act 2014 (c. 2), s. 49(1), Sch. 12 para. 73(5)(b); S.I. 2015/841, art. 3(x) (with Sch. para. 2) (as amended (27.6.2016) by S.I. 2016/675, art. 2)