SCHEDULES

SCHEDULE 10Recognised supervisory bodies

Part 2Requirements for recognition of a supervisory body

6Holding of appropriate qualification

1

The body must have rules to the effect that a person is not eligible for appointment as a statutory auditor unless—

a

in the case of an individual, he holds an appropriate qualification,

b

in the case of a firm—

i

each individual responsible for statutory audit work on behalf of the firm is eligible for appointment as a statutory auditor, and

ii

the firm is controlled by qualified persons (see paragraph 7 below).

2

Sub-paragraph (1) does not prevent the body from imposing more stringent requirements.

3

A firm which has ceased to comply with the conditions mentioned in sub-paragraph (1)(b) may be permitted to remain eligible for appointment as a statutory auditor for a period of not more than three months.