Section 198: Qualifications of auditor

198. Qualifications of auditor (1) A person shall not be appointed or act as auditor of a company other than a small private company unless the person is— (a) a member of— (i) the Institute of Chartered Accountants in England and Wales; (ii) the Institute of Chartered Accountants of Scotland; C35 – 123 [Issue 9] Companies Act (iii) the Institute of Chartered Accountants of Ireland; (iv) the Association of Chartered Certified Accountants; (v) the Institute of Chartered Accountants of India; or (vi) the South African Institute of Chartered Accountants, and is licensed under section 33 of the Financial Reporting Act; (b) a person who possesses such qualifications as are, in the opinion of the Minister, equivalent to those of a member of any body specified in paragraph (a), hereinafter referred to as an “approved auditor” and who is licensed under section 33 of the Financial Reporting Act; or (c) a firm or partnership which provides auditing services performed by a person specified in paragraph (a) or (b). (2) None of the following persons shall be appointed or act as an auditor of a company— (a) a director or employee of the company; (b) a person who is a partner, or in the employment, of a director or employee of the company; (c) a liquidator or a person who is a receiver in respect of the property of the company; (d) a body corporate, except a limited liability partnership; (e) a person who is not ordinarily resident in Mauritius; (f) a person who is indebted in an amount exceeding 10,000 rupees to the company, or to a related company unless the debt is in the ordinary course of business; or (g) a person who, by virtue of paragraph (a) or (b), may not be appointed or act as auditor of a related company. (3) No person shall— (a) where he has been appointed auditor of a company, wilfully disqualify himself, while the appointment continues, from acting as auditor of the company; or (b) where he is a member of a firm that has been appointed auditor of a company, wilfully disqualify the firm while the appointment continues, from acting as auditor of the company. [S. 198 amended by s. 7 (f) of Act 14 of 2009 w.e.f. 30 July 2009; s. 69 (1) (b) of Act 24 of 2016 w.e.f. 3 January 2017.]