Section 54Sec./Art. 54

General standards.

1. The audit shall be performed by a person possessed with adequate technical training and proficiency as auditor.

2. In all matters relating to the audit work, the auditor shall maintain complete independence, impartiality and objectivity shall avoid any possible compromise of his independence or any act which may create a presumption of lack of independence or the possibility of undue influence in the performance of his duties.

3. The auditor shall exercise due professional care and be guided by applicable laws, regulations and the generally accepted principles of accounting in the performance of the audit work as well as in the preparation of audit and financial reports.