(1) In order to organize and regulate the accounting business and auditing, the Government of Nepal shall constitute a Board of Auditing.
(2) The Auditing Board shall consist of the following members:-
(a) One person nominated by the Government of Nepal from among the Fellow Chartered Accountants – Chairman
(b) Representative, Ministry of Finance – Member
(c) Representative, Office of the Auditor General – Member
(d) Three persons nominated by the Government of Nepal on the recommendation of the Council from among the chartered accountants – members
(e) One member nominated by the Government of Nepal on the recommendation of the Council from among the registered auditor members (3) If the Auditing Board deems it necessary, it may invite the relevant expert to participate in its meeting as an observer.
(4) The term of office of the members mentioned in clauses (a), (d), and (e) of sub-section (2) shall be three years and after the expiry of the term of office, they may be re-appointed or nominated.
(5) The procedure related to the meeting of the board of auditors shall be as determined by the board itself.
(6) The Secretariat of the Board of Auditors shall be at the head office of the institution.