INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 38 Obligation to appoint auditors.

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INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 38

Obligation to appoint auditors.

38.(1) Subject to the following provisions of this section, every
registered society shall in each year of account beginning on or after 1st
January 1970 appoint a qualified auditor or qualified auditors to audit its
accounts and balance sheet for that year.

(2) Subsection (1) shall not apply to any registered society if

(a)the receipts and payments of that society in respect of
the preceding year of account when added together did not exceed five thousand
pounds;

(b)the number of its members at the end of that year did not exceed five
hundred; and

(c)the value of its assets at the end of that year did not in the aggregate
exceed five thousand pounds.

(3) A registered society to which, by virtue of subsection (2), subsection (1)
does not apply in respect of any year of account is in this Act referred to as
an exempt society in respect of that year of account.

(4) Subject to any direction given by the registrar under subsection (5),
every society which is an exempt society in respect of
the current year of account shall in that year appoint at its option either

(a)a qualified auditor or qualified auditors, or

(b)two or more persons who are not qualified auditors,

(5) The registrar may give a direction in the case of any particular society
which is an exempt society in respect of the current year of account requiring
it to appoint a qualified auditor to audit its accounts and balance sheet for
that year.

(6) The registrar may give a direction in the case of any particular society
which was an exempt society in respect of any year of account before the
year of account in which that direction is given and did not appoint a
qualified auditor or qualified auditors to audit its accounts and balance
sheet for that year

(a)requiring it to appoint a qualified auditor to audit those accounts and
that balance sheet, and

(b)in a case where that society has sent to him its annual return for that
year before the date of the direction, requiring it after its accounts and
balance sheet have been audited by a qualified auditor to send to him within
three months from receipt of the direction a further annual return complying
with the requirements of this Act (other than that as to time of sending).

(7) Regulations made by the registrar with the consent of the Ministry may

(a)substitute for any sum or number for the time being specified in subsection
(2) such sum or number as may be specified in the regulations; and

(b)prescribe what receipts and payments of a society shall be taken into
account for the purposes of that subsection.

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Northern Irish Legislation

INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 38