Commentaries: Art. 11o

The lead auditor is deemed to have the necessary expertise and practical experience for the licence for auditing OASI offices and branch office if he or she can provide evidence of the following:
1. 250 auditing hours in principal audits within the six years prior to submitting the licence application;
2. 200 auditing hours in financial statement audits within the six years prior to submitting the licence application; and
3. 12 hours of continuing education and training in the field of activity of Article 68a paragraph 2 letters a, b and e OASIA¹within the three years prior to submitting the licence application.
After being granted the licence, the lead auditor shall be deemed to continue to have the required expertise and practical experience in auditing if he or she provides evidence of the following for the last three years:
1. an average of 40 auditing hours in principal audits and 30 auditing hours in financial statement audits; and
2. a total of 12 hours of continuing education and training in the field of activity of Article 68a paragraph 2 letters a, b and e OASIA.

Art. 11o