(1) The accounts of a registered unit trust scheme shall be audited annually by a person appointed as auditor of the scheme by the manager under the scheme with the consent of the trustee under the scheme and a copy of the auditor's report on the accounts and of such of the accounts certified by the auditor as may stand specified for the time being under section 10(2)(b) of this Act shall be sent by the manager to the Minister, the registrar and each holder of units created in pursuance of the scheme within such time after the end of the period to which the accounts relate as the Minister may from time to time specify.
(2) A person shall not be qualified for appointment as auditor of a registered unit trust scheme unless -
(a) he is a member of a body of accountants for the time being recognised for the purposes of section 162(1)(a) of the Companies Act, 1963, by the Minister; or
(b) he is for the time being authorised by the Minister under section 162 of that Act to be appointed