1(1)The auditor shall be a member of one or more of the bodies mentioned in sub-paragraph (2) below or shall have such other qualifications as may be approved for the purposes of this Schedule by the Commission; and a firm shall not be appointed unless each of its members is a member of one or more of those bodies.
(2)The bodies referred to in sub-paragraph (1) above are—
(a)the Institute of Chartered Accountants in England and Wales;
(b)the Institute of Chartered Accountants of Scotland ;
(c)the Association of Certified Accountants ;
(d)the Chartered Institute of Public Finance and Accountancy;
(e)the Institute of Chartered Accountants in Ireland; and
(f)any other body of accountants established in the United Kingdom and for the time being approved by the Commission for the purposes of this Schedule.
(3)The auditor shall be appointed at such remuneration and on such other terms and conditions as the Commission may determine; and the remuneration of the auditor shall be defrayed as part of the expenses of the National Audit Office.