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Chapter: 32  COMPANIES ORDINANCE

Section Num: 140    Version Date 01/12/2005

Disqualifications for appointment as auditor

(1) A person shall not be appointed as auditor of a company unless-

(a) he is qualified for appointment as such auditor under the Professional Accountants Ordinance (Cap 50); and

(b) he is not disqualified under subsection (2).

(2) None of the following persons shall be qualified for appointment as auditor of a company-

(a) an officer or servant of the company;

(b) a person who is a partner of or in the employment of an officer or servant of the company;

(c) (Repealed 84 of 1995 s. 3)

(d) a person who is, by virtue of paragraph (a) or (b),

disqualified for appointment as auditor of any other undertaking which is-

(i) a subsidiary of the company;

(ii) a parent undertaking of the company; or

(iii) a subsidiary of the company's parent undertaking,

or would be so disqualified if the undertaking were a company,

(Replaced 12 of 2005 s. 10)

and references in this subsection to an officer or servant shall be construed as not including references to an auditor.

(3) A person shall not be disqualified by virtue of subsection (2)(b) or (d) for appointment as auditor of a company at any time during the period of 3 years beginning on the day* on which the Companies (Amendment) Ordinance 1984 (6 of 1984) comes into operation if-

(a) on that day, the company is a private company and he is a duly appointed auditor thereof;

(b) at the time of his appointment, no shares or debentures of the company, or of a body corporate of which it is a subsidiary, have been listed on a stock exchange (whether in Hong Kong or elsewhere) or offered (whether in Hong Kong or elsewhere) to the public for subscription or purchase; and

(c) he would not, but for subsection (2)(b), be disqualified for appointment as such auditor by virtue of subsection (2)(d).

(4) Any person appointed as auditor of a company who ceases to be qualified, or who becomes disqualified, for appointment as auditor of the company before the period of his appointment expires shall forthwith vacate his office as such auditor.

(5) (Repealed 84 of 1995 s. 3)

(Replaced 6 of 1984 s. 94)

[cf. 1948 c. 38 s. 161 U.K.; 1967 c. 81 s. 13 U.K.]

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Note:

* Commencement date: 31 August 1984.

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