The auditor must be independent and in compliance with the International Federation of Accountants (IFAC) Code of Ethics for Professional Accountants (see Article 66, Article 68 and Annex G).
The auditor must be a member of one of the relevant IFAC member bodies. If there is no member of the IFAC within a licence applicant’s territory, the licence applicant is required to use an independent auditor who is permitted by national law to carry out audit work.