(1) If the auditor of a holder of a licence -

(a) has reason to believe that there exist circumstances which are likely to affect materially the holder's ability to fulfil his obligations to persons maintaining deposits with him or meet any of his financial obligations under the Central Bank Acts, 1942 to 1989, or

(b) has reason to believe that there are material defects in the financial systems and controls or accounting records of the holder, or

(c) has reason to believe that there are material inaccuracies in or omissions from any returns of a financial nature made by the holder to the Bank, or

(d) proposes to qualify any certificate which he is to provide in relation to financial statements or returns of the holder under the Companies Acts, 1963 to 1986, or the Central Bank Acts, 1942 to 1989, or

(e) decides to resign or not seek re-election as auditor,

he shall report the matter to the Bank in writing without delay.

(2) The auditor of the holder of a licence shall, if requested by the Bank, furnish to the Bank a report stating whether in his opinion and to the best of his knowledge the holder has or has not complied with a specified obligation of a financial nature under the Central Bank Acts, 1942 to 1989.