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17.—(1) Where the auditor of the syndicate ceases to hold office before the end of his or her term of office, the auditor must notify in writing the appropriate audit authority.
(2) The notice must—
(a)inform the appropriate audit authority that the auditor has ceased to hold office; and
(b)be accompanied by a statement of the reasons for the auditor’s ceasing to hold office.
(3) The auditor must give notice under this paragraph—
(a)if the auditor resigns, at the same time as the auditor first informs the managing agent of the syndicate of his or her resignation (whether by notice or otherwise); and
(b)in any other case, not later than the end of the period of fourteen days beginning with the date on which the auditor ceases to hold office.
(4) A person ceasing to hold office as auditor who fails to comply with this paragraph commits an offence.
(5) If that person is a firm an offence is committed by—
(a)the firm; and
(b)every officer of the firm who is in default.
(6) A person guilty of an offence under this paragraph is liable—
(a)on conviction on indictment, to a fine;
(b)on summary conviction, to a fine not exceeding the statutory maximum.
(7) In proceedings for an offence under this paragraph it is a defence for the person charged to show that he or she took all reasonable steps and exercised all due diligence to avoid the commission of the offence.
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