The Act of 1990 is amended by inserting the following in Part X:
(1) In this section -
'affiliate' in relation to an auditor, means a firm, body corporate or partnership considered under section 182(2) to be an affiliate of the auditor at the relevant time;
'amount of turnover' and 'balance sheet total' have the same meanings as in section 8 of the Companies (Amendment) Act 1986;
'internal audit' means an examination of the internal control system of a public limited company, a large private company or a relevant undertaking that is conducted within the public limited company, large private company or undertaking or otherwise at the request of its audit committee, directors or other officers;
'internal auditor' means a person who conducts an internal audit;
'large private company' means either of the following:
(a) a private company limited by shares that, in both the most recent financial year of the company and the immediately preceding financial year,