Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 April 1996 - onwards
  Version 3 of 3    

35. Power to require a second audit.

(1) If, on the basis of the information obtained through an audit, a supervisory authority has a real and substantial concern about the audited accounts of an authorised investment business firm, the supervisory authority may direct an authorised investment business firm to submit for examination by a person appointed by the supervisory authority any or all of the following, namely -

(a) any accounts on which the auditor of that authorised investment business firm has reported or any information which has been verified by that auditor, or

(b) any information as is specified in the direction,

and the person making the examination shall report his conclusions to the supervisory authority.

(2) The person carrying out an examination under this section shall have all the powers that are available to an auditor under this Act and under the Companies Acts and it shall be the duty of the auditor of an authorised investment business firm to afford that person all such assistance as he may requi