PART I INTRODUCTORY Title and commencement 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interpretation 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PART II COMPANY ACCOUNTS Introduction Introduction 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provisions applying to companies generally Accounting records 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A company's financial year and accounting reference periods 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Individual company accounts 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Group accounts 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Additional disclosure required in notes to accounts 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Approval and signing of accounts 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Directors' report 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Auditors' report 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Publication of accounts and reports 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Laying and delivering of accounts and reports 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Remedies for failure to comply with accounting requirements 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Exemptions and special provisions Small and medium‐sized companies and groups 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dormant companies 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Public listed companies: provision of summary financial statement 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Private companies: election to dispense with laying of accounts and reports before general meeting 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unlimited companies: exemption from requirement to deliver accounts and reports 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Banking and insurance companies and groups: special provisions 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Supplementary provisions Accounting standards 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Power to alter accounting requirements 22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Parent and subsidiary undertakings 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other interpretation provisions 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Article 25—Amendments Article 26—Repeals PART III ELIGIBILITY FOR APPOINTMENT AS COMPANY AUDITOR Introduction Introduction 27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Eligibility for appointment Eligibility for appointment 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Eﬀect of appointment of partnership 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ineligibility on ground of lack of independence 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Eﬀect of ineligibility 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Power of Department to require second audit 32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Recognition of supervisory bodies and professional qualifications Supervisory bodies 33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Meaning of “appropriate qualification” 34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Qualifying bodies and recognised professional qualifications 35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Approval of overseas qualifications 36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Duties of recognised bodies The register of auditors 37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Information about firms to be available to public 38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Matters to be notified to the Department 39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Power to call for information 40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Compliance orders 41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Directions to comply with international obligations 42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oﬀences False and misleading statements 43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oﬀences by bodies corporate, partnerships and unincorporated associations 44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Time limits for prosecution of oﬀences 45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jurisdiction and procedure in respect of oﬀences 46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Supplementary provisions Fees 47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delegation of functions of Department 48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Art. 49 rep. by 2004 c. 27 Exemption from liability for damages 50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Service of notices 51 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Power to make consequential amendments 52 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Power to make provision in consequence of changes aﬀecting accountancy bodies 53 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Meaning of “associate” 54 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Minor definitions 55 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Index of defined expressions 56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Article 57—Repeals