(1) Within one month after becoming licensed under this Act a licensee, other than an accredited principal and representative, shall appoint an auditor who is acceptable to the Commission.
(2) A person shall not be qualified for appointment as an auditor under subsection (1) unless he or she is an accountant.
(3) An auditor shall not be eligible for appointment under subsection (1) if he or she is—
(a) a director, officer, employee, shareholder or partner of the licensee; or
(b) a partner or employee of such person.
(4) A licensee shall, within 7 days of the appointment of an auditor, notify the Commission in writing of the name and address of the auditor.
(5) A licensee shall within 7 days of the removal or resignation of an auditor, notify the Commission in writing.