Approved auditor

(1) In order to be designated as an approved auditor in accordance with section 13(2), the auditor is required to20 (a) be a member in good standing with the Institute of Chartered Accountants of Belize, established under the Accountancy Profession Act; CAP. 305. (b) not be barred or suspended by any domestic regulatory authority or overseas regulatory authority from acting as auditor for any person under that regulatory authority’s jurisdiction. (2) An approved auditor shall– (a) comply with the standards of professional conduct as established by the Institute of Chartered Accountants of Belize; (b) be independent of the persons being audited; and (c) not cause, assist or abet another person in breaching any relevant laws of Belize or any regulations made thereunder or standards made by the Belize Institute of Chartered Accountants. (3) For the purposes of sub-section (2)(b),“independent” means without any direct or indirect material relationship with the persons being audited. (4) Where an approved auditor in the course of performing the duties required by section 13(2), determines that the information provided by the included entity in a report made in accordance with this Act cannot be verified, he shall notify the competent authority immediately and cause a copy of the notice to be delivered promptly to the included entity being inspected. (5) The notice shall contain complete details about the nature of the circumstances giving rise to the notice. Economic Substance [CAP. 273:01 21