BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967

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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 87

1978 NI 12

87.(1) The auditors of a building society shall make a report to the members
on the accounts examined by them, and on every balance sheet and every revenue
and appropriation account laid before the society at the annual general
meeting during their tenure of office.

(2) The auditor's report shall be read before the building society at the
annual general meeting and shall be open to inspection by any member.

(3) The report shall state whether the balance sheet and revenue and the
appropriation account are properly drawn up in accordance with the
requirements of this Act and the regulations made thereunder, and whether, in
the opinion of the auditors, they give a true and fair view

(a)in the case of the balance sheet, of the state of the building society's
affairs as at the end of its financial year; and

(b)in the case of the revenue and appropriation account, of the income and
expenditure of the society for its financial year.

(4) It shall be the duty of the auditors of a building society, in preparing
their report under this section, to carry out such investigations as will
enable them to form an opinion as to the following matters, that is to say,

(a)whether the society has kept proper books of account and proper records of
the matters referred to in section 27(1);

(b)whether the society has maintained a satisfactory system of control over
its transactions and records, and, in particular, whether the requirements of
section 76(1)(b) and (3) have been complied with; and

(c)whether the balance sheet and revenue and appropriation account are in
agreement with the books of account and records of the society;

(5) Every auditor of a building society

(a)shall have a right of access at all times to the books, accounts, records
and vouchers of the society, and to all other documents relating to its
affairs, including the deeds relating to property mortgaged to the society,
and

(b)shall be entitled to require from the officers of the society such
information and explanations as he thinks necessary for the performance of the
duties of the auditors.

(6) If the auditors fail to obtain all the information and explanations which,
to the best of their knowledge and belief, are necessary for the purposes of
their audit, they shall state that fact in their report.

(7) The auditors of a building society shall be entitled

(a)to attend any general meeting of the society, and to receive all notices of
and other communications relating to any general meeting which any member of
the society is entitled to receive, and

(b)to be heard at any meeting which they attend on any part of the business of
the meeting which concerns them as auditors.

Auditors' report and right of access to books and to attend and be heard at
meetings.

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Northern Irish Legislation

BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 87