There are two main criteria that the proposed audit firm/team and auditors need to fulfil: (a) independence; and (b) competency. The appointed audit firm/team and auditors:
a. Should not be in a position of any conflict of interest, whether actual, potential or perceived. A conflict of interest refers to any circumstance where the auditor’s interests may potentially interfere with the independent and objective performance of his/her duties as an auditor; and
b. Should possess the necessary technical competencies (i.e. professional qualifications/certifications, skills, knowledge and relevant experiences) to perform the audits.