115   Qualifications of auditors

(1)  A person is qualified to act as an auditor for the purposes of this Division if the person:

(a)  is a registered company auditor within the meaning of the Corporations Act, or

(b)  is a person who has been nominated by the person whose records and documents are to be audited and who has been approved by the Director-General by order in writing.

(2)  Such a person is not qualified to act as an auditor for the purposes of this Division if the person:

(a)  is or has at any time within 2 years before the last day of the period in respect of which the audit is to be made, been an employee or partner of the person whose records or documents are to be audited, or

(b)  is a licensee, or a shareholder in a corporation that is a licensee and that has not more than twenty shareholders.