Schedule 4Qualification of Auditors

1A person is qualified for the purposes of section 20(2) if he is a member of one of the recognised professional bodies.

2Those bodies are—

the Institute of Chartered Accountants in England and Wales ;

the Institute of Chartered Accountants of Scotland ;

the Association of Certified Accountants ; and

the Institute of Chartered Accountants in Ireland.

3A person is also qualified if he is a member of a body of accountants established in the United Kingdom and recognised by the Secretary of State for the purposes of section 161(1)(a) of the Companies Act 1948.

4A Scottish firm is qualified if each of the partners in it is so.