If the proposals are ratified, regulated businesses will not be able to appoint an auditor if the commission objects to the appointment.
It is also proposed that the commission should have the power to object to the continued appointment of an auditor if certain conditions are met.
The commissions power to object would be used if it were considered that an auditor did not have the relevant level of skill, resources or experience.
JFSC director general, John Harris, said: ‘Auditors play an increasingly important role in supporting the commission’s objectives.
Our proposals should complement existing professional standards that apply to auditors.
