Companies (Statutory Audits) Act 2018
|
Amendment of section 26 of Act of 1896 | ||
|
62. Section 26 of the Act of 1896 is amended— | ||
(a) by the substitution of the following subsection for subsection (1): | ||
“(1) Every registered society and branch shall once in every year submit its accounts for audit to a statutory auditor.”, | ||
and | ||
(b) by the insertion of the following subsections: | ||
“(3) None of the following persons shall be qualified to act as a statutory auditor of a society registered under this Act: | ||
(a) an officer or servant of the society; | ||
(b) a person who has been an officer or servant of the society within a period in respect of which accounts would fall to be audited by the person if he or she were appointed auditor of the society; | ||
(c) a parent, spouse, civil partner, brother, sister or child of an officer of the society; | ||
(d) a person who is a partner of or in the employment of an officer of the society; | ||
(e) a person who is disqualified under this subsection for appointment as a statutory auditor of any other society that is a subsidiary or holding undertaking of the society or a subsidiary of the society’s holding undertaking; | ||
(f) a person who is disqualified under section 1535 of the Companies Act 2014 for appointment as a statutory auditor of an undertaking that is a subsidiary or holding undertaking of the society. | ||
(4) A person shall not act as a statutory auditor at a time when he or she is disqualified under subsection (3). | ||
(5) If, during the person’s term of office as a statutory auditor, a person becomes disqualified under this section to act as a statutory auditor, the person shall thereupon vacate his or her office and give notice in writing to the society that he or she has vacated his or her office by reason of such disqualification. | ||
(6) References in this section to an officer or servant do not include references to a statutory auditor.”. |