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Fathi Saleem has a very good answer above
The following persons shall not be eligible for appointment as an auditor of a
company, namely:—
(a) an officer or employee of the company;
(b) a person who is a partner, or who is in the employment, of an officer or employee of the company;
(c) a person who, or his relative or partner—
(i) is holding any security of or interest in the company or its subsidiary, or of its holding or associate company or a subsidiary of such holding company:
Provided that the relative may hold security or interest in the company of face value not exceeding one thousand rupees or such sum as may be prescribed;
(ii) is indebted to the company, or its subsidiary, or its holding or associate company or a subsidiary of such holding company, in excess of such amount as may be prescribed; or
(iii) has given a guarantee or provided any security in connection with the indebtedness of any third person to the company, or its subsidiary, or its holding or associate company or a subsidiary of such holding company, for such amount as may be prescribed;
(d) a person or a firm who, whether directly or indirectly, has business relationship with the company, or its subsidiary, or its holding or associate company or subsidiary of such holding company or associate company of such nature as may be prescribed;
(e) a person whose relative is a director or is in the employment of the company as a director or key managerial personnel;
I agree with the answer given by Fathi Salem Mohammed Matbaq Materials and Purchasing Manager.
1) Degree to the auditor:
Since the auditor exposed during the work to a lot of issues, accounting, legal and economic problems which have to be with the scientific rehabilitation is completed in these areas, taking into account that the initially obtained a Bachelor of Commerce or Finance and Administrative Sciences, Accounting Division and in order to be eligible qualified scientifically he should at a minimum be mastered including follows:
1. theories, principles and applications of knowledge of accounting, as well as the origins and principles of audit and its applications and contemporary methods as well as the principles of Business Administration and Economics and Political Science, Science Alslukih- psychology - and knowledge of commercial law, civil, labor contract - and the laws of taxes, customs and sales ... etc.
2. Costs and theories and their applications as well as accounting and management accounting.
3. statistical methods and mathematical methods and processes and computer applications in accounting and auditing research.
4. follow the developments and recent research in the previous various sciences, as well as amendments to the various laws related to his work (companies and trade - taxes).
5. financial management.
2) practical training to the auditor:
To meet the environmental requirements of the rapidly evolving and a logical consequence of the breadth should be concerned with practical training checker positive because it is easier to practice when faced with practical life.
Therefore intended practical qualification that the auditor has the following characteristics:
1. realism when requesting data or information as evidences appreciation to the requirements of the process and the circumstances surrounding the facility.
2. Avoid any observations or reservations may be correct in theory, but the most prominent in his report prepared for publication seems improper special circumstances of the entity.
3. Knowledge of what the technical information for the facility, which verify their accounts by visiting production sites and production services and inquire of specialists for all technical aspects
4. continued access to practical cases and articles published in the international scientific bodies and associations of the reports on the application of actual practices
