OLC Annual Report and Accounts Sample Clauses

OLC Annual Report and Accounts. S118 of the Legal Services Act requires the OLC to prepare an Annual Report for each financial year, which must include an annual report prepared by the Chief Ombudsman on the impact (or effectiveness) of the Scheme, and to give that Annual Report to the LSB. The LSB must then give that report to the Lord Chancellor who in turn must lay before Parliament. The report must deal with any matters as the LSB may from time to time direct. • Schedule 15, paragraph 26 of the Legal Services Act requires the OLC to keep proper accounts in accordance with directions given by the Lord Chancellor with the agreement of the Treasury. The OLC must present its statement of accounts to the LSB each year who must provide them to the Lord Chancellor and Comptroller and Auditor General. These are in turn laid before Parliament. • The accounts are prepared in line with the requirements of the Financial Reporting Manual (FReM) and other directions or requirements set down by the Lord Chancellor OLC LSB MoJ Preparing annual report and accounts The OLC will prepare an Annual Report and statement of accounts for each financial year and pass to the LSB, which deals with: a) the discharge of the functions of the OLC; b) the extent to which, in the OLC’s opinion, it has met the regulatory objectives; and such other matters as the Legal Services Board may from time to time direct. The draft annual report accounts will be considered by the OLC Audit and Risk Assurance Committee, and are approved by the OLC Board. The OLC will share a copy of each statement of accounts with the LSB before it is laid before Parliament, and will give a copy of the statements to the LSB before the end of the The LSB is formally required to provide the statements of accounts for month of August following the financial year to which the statement relates. In practice, sharing the draft can be done either by correspondence or at a formal LSB Board meeting. The approach will depend on the timetable in each year. Both the OLC and LSB will be flexible and pragmatic as to how this is handled, and will discuss and agree the approach in advance, with a clear project plan and timetable agreed no later than the end of April in each year. If the timetable will not allow the draft accounts to be discussed at a formal meeting of the LSB Board, a well- developed draft can be shared with the LSB by correspondence in sufficient time to accommodate discussion before the final accounts are published with the annual report. Th...
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