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.