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Article 4
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CPAs conducting business of auditing and attesting to financial reports of public companies, and the joint CPA firm or incorporated CPA firm to which they belong, shall comply with the following provisions:
1. The CPA firm's CPAs conducting the business of auditing and attesting to financial reports of public companies shall have at least 5 years of practice experience in attestation to financial reports or in actually assisting in the work of attestation to financial reports, and may not number less than three persons.
2. In the most recent year prior to the application date, the practicing CPAs shall have already participated in continuing professional education hours as specified in Article 5, paragraph 1 of the Regulations Governing CPA Continuing Professional Education.
3. There shall be no less than six audit assistants, no less than two-thirds of whom possess the qualifications set forth in Article 18, paragraph 1, subparagraph 1 of the Certified Public Accountant Act, or have graduated from the accounting, banking, insurance, commerce, public finance and taxation, economics, business administration, or international trade related department of an institution at the junior college level or higher, or have passed the senior examination for accountants or auditors; and no less than one-third of whom are graduates of an accounting institute or university accounting department or program and have passed the CPA examination or the senior examination for accountants or auditors, or have graduated from the accounting, banking, insurance, commerce, public finance and taxation, economics, business administration, or international trade related department of an institution at the junior college level or higher and engaged in auditing work at a CPA firm for two full years.
4. The practice of a practicing CPA shall not have been suspended by any disposition under the Certified Public Accountant Act, the Securities and Exchange Act, or other acts or regulations, for which the suspension period has not yet been completed.
5. The firm shall have a common office.
6. The amount of authorized capital and amount of insurance purchased by an incorporated CPA firm shall comply with the relevant provisions of the Certified Public Accountant Act.
7. The CPA firm shall adopt a quality management system in accordance with the Standards on Quality Management (TWSQM) issued by the Accounting Research and Development Foundation.
A CPA who was approved to conduct the business of auditing and attesting to financial reports of public companies before the enforcement of the 26 October 2020 amendment to these Regulations shall be exempted from the requirement regarding experience set out in subparagraph 1 of the preceding paragraph.
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Article 7
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When a CPA firm approved to conduct the business of auditing and attesting to financial reports of public companies will make any new addition to its CPAs conducting the business of auditing and attesting to financial reports of public companies, it shall comply with the requirements of Article 4, paragraph 1, subparagraphs 1, 2, and 4, and it shall file an application and attachments (Attachment 2) with the FSC for approval.
The requirements of Article 3, paragraphs 2 to 4 shall apply mutatis mutandis to the matters under the preceding paragraph.
When a CPA who, having been approved to conduct the business of auditing and attesting to financial reports of public companies, departs from the CPA firm, the FSC shall revoke the CPA's approval. The CPA firm furthermore shall report the CPA's departure to the FSC within 10 days from the date of the CPA's departure.
A joint CPA firm that submits a report pursuant to the preceding paragraph shall do so using the name of the joint CPA firm, and the responsible person of the firm shall affix his or her signature or seal.
An incorporated CPA firm that submits a report pursuant to paragraph 3 shall affix the seal of the incorporated CPA firm, and the board chairperson shall affix his or her seal.
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