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srilawsby aturio
As enacted
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Part VII · Management and Administration Registered Office

157. Qualifications of auditors

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

A person shall not be appointed or act as auditor of a company, unless that person—

(a)

is a member of the Institute of Chartered Accountants of Sri Lanka; or

(b)

is a registered auditor.

(2)

Notwithstanding the provisions of subsection (1), a person shall not be appointed or act as auditor of a company other than a private company or a company limited by guarantee, unless that person is a member of the Institute of

Chartered Accountants of Sri Lanka.

(3)

None of the following persons may be appointed or act as an auditor of a company :—

(a)

a director or employee of the company;

(b)

a person who is a partner or in the employment of a director or employee of the company;

(c)

a liquidator or an administrator or a person who is a receiver in respect of the property of the company ;

(d)

a body corporate ;

(e)

a person who, by virtue of paragraph (a), (b) or (c), may not be appointed or act as auditor of a related company.

(4)

A person who holds any office referred to in paragraph (a), (b) or (c) of subsection (3), may not be appointed or act as an auditor of a company for a period of two years after such person has ceased to hold that office.

(5)

Regulations may be made providing for —

(a)

the qualifications necessary to become a registered auditor;

(b)

the procedure for the registration of auditors;

(c)

the fees payable for such registration.

Read on from s 158

Part VIII

Amalgamations

Read on from Part VIII

Part IX

Compromises with Creditors

Read on from Part IX

Part X

Approval of Arrangements, Amalgamations, and Compromises by Court

Read on from Part X

Part XI

Provisions Relating to Offshore Companies

Read on from Part XI

Part XII

Winding Up

Read on from Part XII

Part XIII

Administrators Appointment of Administrator

Read on from Part XIII

Part XIV

Floating Charges

Read on from Part XIV

Part XV

Receivers and Managers

Read on from Part XV

Part XVI

Registrar-General of Companies and Registration Appointment of Officers

Read on from Part XVI

Part XVII

Application of Act to Existing Companies

Read on from Part XVII

Part XVIII

Overseas Companies

Read on from Part XVIII

Part XIX

Advisory Commission

Read on from Part XIX

Part XX

Companies Disputes Board

Read on from Part XX

Part XXI

Offences Miscellaneous Offences

Read on from Part XXI

Part XXII

Miscellaneous Prohibition of Partnership with More Than Twenty Members

Read on from Part XXII

Part XXIII

Repeals and Amendments

Read on from Part XXIII

Schedules