Article 38 - Appointment and removal of auditor
Limited Liability Partnership shall appoint one or more auditors or a firm of auditors, who shall examine and report on the Limited Liability Partnership's accounts in accordance with these Regulations. Except as provided for in Article 38(6) and Article 40(4) the LLP shall give notice in writing to the CRO within 21 days of any change in auditor on the Prescribed Form together with the Prescribed Fee.
(2) No person shall be appointed as auditor of a
Limited Liability Partnership who is an employee or a Member of that Limited Liability Partnership or who is a partner, employer or employee of any such employee or Member.
Members of a Limited Liability Partnership shall appoint the auditor of that Limited Liability Partnership from time to time.
(4) Where for any reason no auditor is appointed, the
CRO may, on the application of any Member, appoint one or more auditors to hold office.
(5) Notwithstanding any agreement but without prejudice to the auditor's rights to compensation or damages, any auditor of a
Limited Liability Partnership may be removed by the Members.
Limited Liability Partnership shall as soon as reasonably practicable and in any event not later than five days after the removal of the auditor in accordance with Article 38(5), file a notice of removal in the Prescribed Form with the Prescribed Fee with the CRO and if an Authorised Firm with the Regulatory Authority.
|Amended by QFCA RM2012-1 (as from 11th April 2012)|