109. Requirement to appoint an Auditor

(1) An Authorised Person must appoint an Auditor.

(2) The AFSA may direct, or the AIFC Court on an application made by the AFSA may order, an Authorised Person to:

(a) apponit an Auditor, if an Auditor has not been appointed by the Authorised Person; or

(b) remove an Auditor and appoint a new Auditor, if in the opinion of the AFSA or the AIFC Court the Auditor appointed by the Authorised Person is not suitable to provide Audit Services.

(3) The decision making procedures in Schedule 1 apply to a decision made by the AFSA under this section.  

110. Auditor rules

The AFSA may make such Rules regarding:

• (a) the appointment, term of office, registration or removal of auditors;
• (b) the qualification or approval of auditors;
• (c) the duties, functions and powers of auditors;
• (d) the scope, content and timing of any reports, reviews or audits to be undertaken by auditors;
• (e) the remuneration of auditors;
• (f) the notification or reporting obligations of auditors (whether to the relevant Authorised Person, the AFSA or otherwise); and
• (g) such other related or ancillary matters the AFSA thinks fit.