Section 187 of the Act of 1990 is amended as follows:
(a) by inserting the following after subsection (1):
"(1A) A firm shall be qualified for appointment as auditor of a company or as a public auditor if -
(a) at least one member of the firm is entitled to hold a practising certificate from a body referred to in subparagraph (i), (ii) or (iii) of subsection (1) (a) and is otherwise qualified under the applicable subparagraph for appointment as auditor of a company or as a public auditor, and
(b) the particulars required by sections 199 and 200 in respect of such a member have been forwarded to the registrar of companies.
(1B) A body referred to in subsection (1A) may grant a practising certificate to a firm that satisfies the conditions in that subsection, and, if a practising certificate is granted -
(a) each member of the firm who from time to time during the currency of the certificate is qualified for appointment as auditor of a company or as a public auditor is deemed to hol