Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p72
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 177445–180154

person for failure to take all reasonable steps to comply with, or to secure compliance with, or for having knowingly been the cause of any default under, any of the preceding provisions of this Division (including any of those provisions as applying by virtue of section 158) relating to the accounts of a company or the group accounts of a holding company by reason that the accounts or group accounts, as the case may be, have not been made out in accordance with an applicable approved accounting standard, the onus of proving that the accounts or group accounts, as the case may be, would not, if made out in accordance with that accounting standard, have given a true and fair view of the matters required by section 269 to be dealt with in the accounts or group accounts lies on that person.".

Removal and resignation of auditors
84. Section 282 of the Principal Act is amended—
     (a) by omitting sub-section (5); and
     (b) by omitting sub-section (13) and substituting the following sub-section:
     "(13) Within 14 days after—
          (a) the removal from office of an auditor of a company; or
          (b) the receipt of a notice of resignation from an auditor of a company,
      the company shall—
          (c) lodge with the Commission a notice of the removal or resignation in the prescribed form; and
          (d) where there is a trustee for the holders of debentures of the company—give to the trustee a copy of the notice lodged with the Commission.".

Powers and duties of auditors as to reports on accounts
85. Section 285 of the Principal Act is amended—
     (a) by omitting from sub-paragraph (3) (a) (i) "and" (last occurring);
     (b) by adding at the end of paragraph (3) (a) the following word and paragraph:
          "and (iii) in accordance with applicable approved accounting standards;";
     (c) by inserting after paragraph (3) (a) the following paragraph:
          "(aa) if, in his opinion, the accounts, or, if the company is a holding company for which group accounts are required, the accounts or group accounts, have not been drawn up in accordance with a particular applicable approved accounting standard—
              (i) whether, in his opinion, the accounts or group accounts, as the case may be, would, if drawn up in accordance with that accounting standard, have given a true and fair view of the matters required by section 269 (or, in the case of a prescribed corporation within the meaning of section 288, by this Part) to be dealt with in the accounts or group accounts;
              (ii) if, in his opinion, the accounts or group accounts, as the case may be, would not, if so drawn up, have given a true and fair view of those matters—his