SCHEDULES

SCHEDULE 11 Recognition of Supervisory Body

Part II Requirements for Recognition

Holding of appropriate qualification

4

1

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

a

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

b

in the case of a firm—

i

the individuals responsible for company audit work on behalf of the firm hold an appropriate qualification, and

ii

the firm is controlled by qualified persons (see paragraph 5 below).

2

This 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 company auditor for a period of not more than three months.