# The Prospects College of Advanced Technology (Government) Regulations 2014, Paragraph 20: Accounts and audit of accounts

Extent: E+W

(1) The Corporation shall—
(a) keep proper accounts and proper records in relation to the accounts; and
(b) prepare a statement of accounts for each financial year of the Corporation.
(2) The statement shall give a true and fair account of the state of the Corporation’s affairs at the end of the financial year and of its income and expenditure in the financial year. The statement shall also comply with any requirements or directions of any funding agency funding the institution from time to time.
(3) The accounts and the statement of accounts shall be audited by external auditors appointed by the Corporation in respect of each financial year.
(4) The Corporation shall not appoint persons as external auditors in respect of any financial year if those persons are already appointed as internal auditors under article 19.
(5) The “financial year” means the first financial year and, except as provided for in paragraph (7), each successive period of twelve months.
(6) The “first financial year” means the period from the date the Corporation was established up to the first 31st July following that date.
(7) If the Corporation is dissolved—
(a) The last financial year shall end on the date of dissolution; and
(b) the Corporation may decide that what would otherwise be the last two financial years, shall be a single financial year for the purpose of this article.

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Source: https://www.legislation.gov.uk/uksi/2014/2068/schedule/2/paragraph/20 (the official version)
Page: https://openlegislation.uk/prospects-college-of-advanced-technology-government-regulations-2014/schedule-2/paragraph-20
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.