s.17Qualification for appointment as auditor
17
Section 17Part 0 —

Qualification for appointment as auditor

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Notwithstanding sections 11 and 12 of the Regulatory Law, an auditor is only qualified for appointment as auditor of a market traded company or a designated company if that person is also a recognised auditor.
A person shall not, unless that person is a recognised auditor, describe themselves as engaged in the audit of market traded companies or designated companies or hold themselves out to be so qualified.
On ceasing to be eligible to be a recognised auditor, a person shall immediately resign any office held as auditor of a market traded company or a designated company, giving written notice to all such companies that the resignation is by reason of the application of this section.
A person who contravenes subsection (2) or (3) commits an offence and is liable on summary conviction to a fine of ten thousand dollars or to imprisonment for a term of one year, or to both.

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