Paragraph 4

England, Wales and Scotland

(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.

Notes on Schedule 11

Textual amendments

F1: Sch. 11 repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1295, 1300(2), Sch. 16; S.I. 2007/3495, art. 8, Sch. 2 Pt. 1 (with arts. 7, 12, Sch. 4 para. 38(2))

Notes on Part II

Modifications

C1

Sch. 11 Pt. II amended (1.10.1991) by S.I. 1991/824, regs. 1(2)(a), 11(6); S.I. 1991/1996, art. 2(1)(a)

C2

Sch. 11 Pt. II excluded (1.10.1991) by S.I. 1991/824, regs. 1(2)(a), 11(4); S.I. 1991/1996, art. 2(1)(a)

Sch. 11 Pt. II excluded (9.2.2005) by The European Communities (Recognition of Professional Qualifications) (First General System) Regulations 2005 (S.I. 2005/18), reg. 11(4) (with reg. 3)