(1) Subject to sub regulations (5), (7) and (8), a person is qualified to be an auditor of a registered scheme if that person is a member of the Institute of Chartered Accountants (Ghana) with a certificate to practice.

(2) A person shall not

(a) consent to be appointed as auditor of a registered scheme;

(b) act as auditor of a scheme; and

(c) Prepare a report required to be prepared by an auditor of a registered scheme, unless that person is qualified to be an auditor of a registered scheme.

(3) Sub regulation (2) does not prevent a person who is not qualified as an auditor from participating in the preparation of a report if that person is under the supervision of a qualified person.

(4) A firm shall not

(a) consent to be appointed as auditors of a registered scheme;

(b) act as auditors of a scheme;

(c) Prepare a report required to be prepared by an auditor of a registered scheme, unless at least one of the partners of the firm is a person qualified to be an auditor of a registered scheme.

(5) Where the approved trustee of a registered scheme is a company, a person is not qualified to be auditor of the scheme if that person is a:

(a) controller of the company;

(b) partner, employer or employee of the controller; or

(6) Where the approved trustee of a registered scheme is a company, a person shall be considered to be a controller of the trustee if that person is a controller of a company that is an associate of the trustee.

(7) Where the approved trustee of a registered scheme consists of trustees who are individual persons, a person is not qualified to be auditor of the scheme if that person is a partner, employer or employee of any of the individual persons.

(8) Where the approved trustee of a registered scheme consists of trustees one or more of whom is a company and the others are individual persons, a person is not qualified to be auditor of the scheme if the person

(a) is a controller of the company;

(b) is a partner, employer or employee of the controller;

(d) Is a partner, employer or employee of any of the individual persons.

(9) For the purposes of this regulation a person is not a controller of an approved trustee that is a company only because the person is a liquidator of the company or of an associated company.

(10) An auditor of a registered scheme who in the course of an appointment knowingly acts in a manner that disqualifies the auditor from acting as auditor of the scheme shall immediately resign from the office of auditor of the scheme.

(11) A partner of a firm that is appointed as auditor of a registered scheme who knowingly disqualifies the firm from acting as auditor of the scheme in the course of the appointment shall immediately cause the firm to resign from the office of auditor of the scheme.

(12) A person who, without reasonable excuse, fails to comply with this regulation commits an offence and is liable on summary conviction to a fine of not less than one thousand, two hundred and fifty penalty units and not more than two thousand, five hundred and fifty penalty units or to a term of imprisonment not more than five years or to both.