(1) An auditor of a bank shall cease to act as an auditor if

(a) the Bank of Ghana in writing requests that bank to revoke the appointment of the auditor;

(b) the auditor or a member of the auditor's firm or establishment becomes a director of that bank;

(c) the auditor resigns by notice in writing to that bank;

(d) the auditor ceases to qualify under section 74(3) for appointment as auditor of a bank; or

(e) the auditor is otherwise removed by a decision taken at an annual general meeting of that bank.

(2) A bank shall comply with a request of the Bank of Ghana that the appointment of an auditor be revoked.

(3) An auditor who does not comply with subsection (1) commits an offence and is liable on summary conviction to a fine not exceeding 250 penalty units or to a term of imprisonment not exceeding 12 months.