Part 7Accounts, audit and annual returns
Auditing of accounts etc
83Duty to appoint auditors
1
In each year of account, a registered society must (subject to subsection (2)) appoint one or more qualified auditors to audit its accounts and balance sheet for that year.
2
If the society is a small society for the year of account, it must—
a
make an appointment under subsection (1) for that year, or
b
appoint two or more persons who are not qualified auditors to audit its accounts and balance sheet for that year.
3
The FCA may give a direction to a society that is a small society for the current year of account, requiring it to make an appointment under subsection (1) for that year.
4
For the purposes of this Part a registered society is a “small society” for a year of account if—
a
the total amount of its receipts and payments in respect of the preceding year of account did not exceed £5,000,
b
it had no more than 500 members at the end of that year, and
c
the total value of its assets at the end of that year did not exceed £5,000.
5
The Treasury may by regulations—
a
substitute for any sum or number for the time being specified in subsection (4) such other sum or number as the Treasury consider appropriate;
b
prescribe what receipts and payments of a society are to be taken into account for the purposes of that subsection.
The regulations may make different provision for different cases or circumstances.
6
This section is subject to section 84 (power of certain societies to disapply this section).