1032. Eligibility for appointment as an auditor

(1) An individual or firm is eligible for appointment as an auditor if the individual or firm—
(a) is recognised for the purposes of this section by the Registrar, and
(b) is a member of a recognised professional body and satisfies any additional requirements prescribed by rules made by the Board for the purposes of this section.
(2) In this Part a "recognised professional body" means a body which offers a professional qualification in accountancy and is recognised and approved pursuant to rules made by the Board.