Companies (Amendment) Act, 1982
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Qualification for appointments as auditor. |
6.—The Principal Act is hereby amended by the substitution for section 162 of the following section— | |
“162.—(1) A person shall not be qualified for appointment as auditor of a company or as a public auditor unless— | ||
(a) he is a member of a body of accountants for the time being recognised for the purposes of this section by the Minister; or | ||
(b) he is for the time being authorised by the Minister to be so appointed either— | ||
(i) as having obtained similar qualifications otherwise than from such a body, or | ||
(ii) as having obtained adequate knowledge and experience, prior to the operative date in the case of an appointment as auditor of a company or prior to the 1st day of September, 1967, in the case of an appointment as a public auditor, in the course of his employment by, or under the supervision of, a member of a body of accountants recognised for the purposes of paragraph (a), or | ||
(iii) as having, prior to the operative date in the case of an appointment as auditor of a company or prior to the 1st day of September, 1967, in the case of an appointment as a public auditor practised in the State as an accountant. | ||
(2) (a) Every application pursuant to subsection (1) (b) (ii) or (1) (b) (iii) for an authorisation to be appointed as an auditor of a company or as a public auditor shall be made to the Minister not later than three months after the commencement of section 6 of the Companies (Amendment) Act, 1982. | ||
(b) The Minister shall not authorise the appointment of any person as an auditor of a company or as a public auditor pursuant to an application made under subsection (1) (b) (ii) or (1) (b) (iii) after the expiration of six months from the commencement of section 6 of the Companies (Amendment) Act, 1982. | ||
(3) Notwithstanding the provisions of subsections (1) and (2) of this section, any person who was appointed by the Minister to be a public auditor on or before the 1st day of September, 1967, shall be deemed to be authorised by the Minister to be appointed as a public auditor by virtue of this section. | ||
(4) 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 or as a public auditor without the permission of the court. | ||
(5) 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 person who is not qualified by virtue of this subsection 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; | ||
(d) a person who is not qualified pursuant to subsection (6) of this section for appointment as a public auditor of an Industrial and Provident Society which is a subsidiary or holding society of that company or a subsidiary of that company's holding society; | ||
(e) a body corporate. | ||
References in this subsection to an officer or servant shall be construed as not including references to an auditor. | ||
(6) None of the following persons shall be qualified for appointment as a public auditor of an Industrial and Provident Society— | ||
(a) an officer or servant of the Industrial and Provident Society; | ||
(b) a person who is a partner of or in the employment of an officer or servant of the Industrial and Provident Society; | ||
(c) a person who is not qualified by virtue of this subsection for appointment as a public auditor of any other Industrial and Provident Society which is the subsidiary society or holding society of the Industrial and Provident Society or a subsidiary of that society's holding society; | ||
(d) a person who is not qualified pursuant to subsection (5) of this section to be the auditor of a company which is a subsidiary or holding company of that society or a subsidiary of that society's holding company; | ||
(e) a body corporate. | ||
References in this subsection to an officer or servant shall be construed as not including references to an auditor. | ||
(7) None of the following persons shall be qualified for appointment as a public auditor of a Friendly Society— | ||
(a) an officer or servant of the Friendly Society; | ||
(b) a person who is a partner of or in the employment of an officer or servant of the Friendly Society; | ||
(c) a body corporate. | ||
(8) Any person who acts as auditor of a company or as a public auditor when disqualified under this section shall be liable to a fine not exceeding £500. | ||
(9) This section shall not apply to the Comptroller and Auditor General. | ||
(10) In this section ‘public auditor’ means a public auditor for the purposes of the Industrial and Provident Societies Acts, 1893 to 1978, and the Friendly Societies Acts, 1896 to 1977.”. |