+44 1372 750800

COMPANIES ACT 1963 - SECT 162 Qualifications for appointment as auditor.

162.—(1) A person shall not be qualified for appointment as auditor of a company unless—

(a) he is a member of a body of accountants for the time being recognised for the purposes of this paragraph by the Minister; or

(b) he is for the time being authorised by the Minister to be so appointed either as having obtained similar qualifications otherwise than from such a body or as having obtained adequate knowledge and experience prior to the operative date in the course of his employment by a member of a body of accountants recognised for the purposes of paragraph (a) or as having before the operative date practised in the State as an accountant.

(2) If an auditor is convicted of a criminal offence arising out of or connected with the performance of his duties or his conduct as an auditor, he shall not be qualified for appointment as auditor of a company without the permission of the court.

(3) None of the following persons shall be qualified for appointment as auditor of a company—

(a) an officer or servant of the company;

(b) except where the company is a private company, a person who is a partner of or in the employment of an officer or servant of the company;

(c) a body corporate.

References in this subsection to an officer or servant shall be construed as not including references to an auditor.

(4) A person shall also not be qualified for appointment as auditor of a company if he is, by virtue of subsection (3), disqualified for appointment as auditor of any other body corporate which is that company's subsidiary or holding company or a subsidiary of that company's holding company, or would be so disqualified if the body corporate were a company.

(5) Any person who acts as auditor of a company when disqualified under this section shall be liable to a fine not exceeding £100.

(6) This section shall not apply to the Comptroller and Auditor General.