The board of directors of the SCA shall pass a resolution determining the controls for approving auditors for Public Joint Stock Companies. In particular, the auditor shall meet the following criteria: 1. He shall be licensed to practice auditing in the State and shall have at least 5 years of experience in auditing Joint Stock Companies; 2. He shall be a certified auditor registered with the SCA; 3. He shall not be serving as both auditor and a partner of the company, nor may serve as a Director or in any technical, administrative or executive capacity with the Company; 4. He shall not be a partner, agent, or second degree relative of any of the founders or Directors of the Company. 5. He shall be an accredited auditor listed with the Central Bank if the Company is licensed thereby. 6. He shall provide to the SCA a professional security if required by the SCA.
Interpretation and application must be checked against the official text and current version.