Any of the following persons or any firm or company in which such person is a promoter or partner shall not be eligible to be appointed as an auditor of a licensed institution and shall cease to hold the office of auditor even though such person is already appointed:
(a) A director of the licensed institution or his or her family member;
(b) An employee of the licensed institution;
(c) A person working as a partner of any director or employee of the licensed institution;
(d) A debtor of the licensed institution;
(e) A person who has been punished in an offense relating to audit, and a period of five years has not lapsed after he or she has served the punishment;
(f) A person who is insolvent;
(g) A person, firm, company or institution having subscribed one percent or more of the shares in the licensed institution;
(h) A person who has been punished by the court for a criminal offense involving moral turpitude, and a period of five years has not lapsed after he or she has served the punishment;
(i) A person who has been punished by a court for an offense relating to corruption or cheating;
(j) A person who is not included in the list of auditors\ approved by the Rastra Bank.