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Qualifications for appointment as auditor.
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162.—(1) A person shall not be qualified for appointment as auditor of a company unless—
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(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
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(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.
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(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.
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(3) None of the following persons shall be qualified for appointment as auditor of a company—
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(a) an officer or servant of the company;
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(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;
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(c) a body corporate.
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References in this subsection to an officer or servant shall be construed as not including references to an auditor.
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(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.
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(5) Any person who acts as auditor of a company when disqualified under this section shall be liable to a fine not exceeding £100.
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(6) This section shall not apply to the Comptroller and Auditor General.
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