GENE 9.7.2 Appointment of auditor [effective from 6th December 2009]
(1) An authorised firm that is a QFC entity must ensure that there is, at all times, an auditor appointed for the firm.
(2) Before appointing an auditor (whether or not in replacement of another auditor and whether or not the appointment is at the direction of the Regulatory Authority), such a firm must apply to the authority for approval to appoint the proposed auditor.
(3) The application must include statements:
(a) that the firm is satisfied that the proposed auditor is eligible to be appointed as the firm's auditor under rule 9.7.3 (1); and
(b) if the firm is a QFC entity — that the proposed appointment would not contravene rule 9.7.3A.
(4) The Regulatory Authority must:
(a) approve the appointment of the proposed auditor; or
(b) refuse to approve the appointment of the proposed auditor.
(5) The Regulatory Authority must give the authorised firm written notice of its decision on the application.
(6) If the Regulatory Authority refuses to approve the appointment of the proposed auditor, the notice must:
(a) give reasons for the decision; and
(b) tell the authorised firm that it may appeal to the
Regulatory Tribunal against the decision.
(7) The authorised firm must not appoint the proposed auditor unless the Regulatory Authority has approved the appointment.
(8) If the authorised firm appoints the proposed auditor, the firm must tell the Regulatory Authority about the appointment, and when it takes effect, immediately, but by no later than the second business day after the day the appointment is made.
|Amended by QFCRA RM/2018-1 (as from 1st May 2018).|