(1) In this section "public auditor" means a public auditor for the purposes of -
(a) the Industrial and Provident Societies Acts 1893 to 2014; or
(b) the Friendly Societies Acts 1896 to 2014.
(2) A person shall not act as a public auditor, of the society or friendly society concerned, in respect of any financial year of it that begins after the commencement of this section unless the person is a member of a body of accountants recognised by the Supervisory Authority for the purposes of this section and stands approved by that body of accountants to so act.
(3) In addition to the requirement of subsection (2), none of the following persons shall be qualified for appointment as a public auditor of a society registered under the Industrial and Provident Societies Acts 1893 to 2014 -
(a) an officer or servant of the society,
(b) a person who has been an officer or servant of the society within a period in respect of which accounts would fall to be audited by the person if he or she w