1.1. General application rule

These AUD Rules apply to:

(a) every Person who is granted a Licence by the AFSA as an Ancillary Service Provider for the provision of Audit Services;

(b) every Person who is registered by the Registrar of Companies as an auditor under the Companies Regulations; (each such Person being an "Auditor" for the purposes of these AUD Rules); and

(c) every individual who is approved by the AFSA, and registered by the Registrar of Companies as an Audit Principal.

Guidance: Requirement to Appoint an Auditor

(1) Section 109 of the Framework Regulations provides that an Authorised Person must appoint an auditor who is an Ancillary Service Provider.

(2) GEN 1.3 outlines the requirements for a Person to obtain a Licence to carry out Ancillary Services (which includes Audit Services).

(3) Chapter 3 of Part 10 of the Companies Regulations governs the conduct of a Person who is registered as an auditor by the Registrar of Companies.