Qualifications of auditor

(1) An individual qualifies for appointment as an auditor by being in good standing as a member of the Institute of Chartered Accountants of Belize and holding a practicing certificate of the Institute. (2) An individual is not qualified to be an auditor of a credit union or the League, if he is not independent of the credit union or the League and its member credit unions, and of the directors and officers of the credit union or the League and its member credit unions; such an individual is also not qualified if he or his business partner– (a) is a director, officer or employee of the League or any credit union; (b) is a member of any committee of the League or any credit union; or (c) transacts a substantial amount of business with the League any credit union. (3) Where the individual referred to in sub-section (2), is a member in good standing in a credit union, he shall disclose such membership to his supervisors or partners and shall obtain the approval of the Registrar. (4) Upon the commencement of this Act, any person acting as an auditor, who becomes disqualified by virtue of sub-section (2), shall promptly resign his position as auditor. (5) If an appointment is not made at an annual general meeting, or if an annual general meeting is not held as required by section 26 (1), the Registrar shall appoint an auditor for the current year and fix the remuneration to be paid to him by the credit union for his services, and the credit union shall pay such remuneration prior to any other current liabilities of the credit Credit Unions Act 51 (6) Where an auditor is appointed under section 55 (1) and his office becomes vacant, the directors may appoint an auditor, approved by the Registrar, to hold office until the next annual (7) Every credit union shall, at the close of its financial year, submit its accounts to the auditor, who shall have access to all records, books, accounts and property of the credit union and who shall make such examination and obtain such information and explanations from the directors, officers, employees, agents, servants or members of the credit union as will enable him to report to the members as required by sub-section (8). (8) The auditor of a credit union shall make a report to the members on the annual financial statement to be laid before the credit union at any annual general meeting during his term of office; the content of the report shall be prepared in accordance with international accounting standards and the auditor shall state in the report whether in his opinion the annual financial statement referred to in the report presents fairly the financial position of the credit union and the results of its operations for the period under review, in accordance with generally accepted accounting principles applied on a basis consistent with that of the preceding period. (9) The auditor of a credit union is entitled to attend any meeting of members of the credit union and to receive all notices and other communications relating to any such meeting that any member is entitled to receive, unless waived by the auditor, and to be heard at any such meeting on any part of the business of the meeting that concerns his position as auditor. (10) Any person who obstructs the auditor in the performance of his duties under sub-section (7), commits an