(1) A person is eligible for appointment as auditor of a company only if he or she—
(a) is a practising member of a recognised supervisory body and is eligible for the appointment under the rules of that body; or
(b) is for the time being authorised to be appointed as an auditor of companies under subsection (2).
(2) The Minister may, after consultation with the recognised supervisory body, authorise, by instrument in writing, any person to be appointed as an auditor of companies, if that person—
(a) is in the opinion of the Minister suitably qualified for such an appointment by reason of his or her knowledge and experience; and
(b) was in practice in Saint Lucia as an auditor at the commencement of this Act.
(3) An application for authorisation to be appointed as an auditor of companies under subsection (2) shall be made to the Minister not later than 12 months after the commencement of this Act or such extended period as the Minister considers necessary.
(4) An individual or a firm may be appointed as auditor of a company.
(5) In this section “recognised supervisory body” means the Institute of Chartered Accountants of Saint Lucia or any other body recognised as such by order of the Minister published in the Gazette.