The Principal Act is hereby amended by the substitution for section 162 of the following section -
(1) A person shall not be qualified for appointment as auditor of a company or as a public auditor unless -
(a) he is a member of a body of accountants for the time being recognised for the purposes of this section by the Minister; or
(b) he is for the time being authorised by the Minister to be so appointed either -
(i) as having obtained similar qualifications otherwise than from such a body, or
(ii) as having obtained adequate knowledge and experience, prior to the operative date in the case of an appointment as auditor of a company or prior to the 1st day of September, 1967, in the case of an appointment as a public auditor, in the course of his employment by, or under the supervision of, a member of a body of accountants recognised for the purposes of paragraph (a), or
(iii) as having, prior to the operative date in the case of an appointment as auditor of a company or pri