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Article 3
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A principal accounting officer shall possess one of the following qualifications:
- Having obtained qualification to practice as a certified public accountant.
- A minimum total of 5 years' experience as in-charge accountant or principal accounting officer at public companies and/or financial enterprises in the areas of securities, futures, banking, or insurance enterprises.
- A minimum total of 3 years' experience in accounting or internal auditing at public companies and/or financial enterprises in the areas of securities, futures, banking, or insurance, or a minimum total of 3 years' experience in accounting or auditing-related duties at a public service agency or state-owned enterprise, where one of the following requirements is also met:
- Having graduated from the department, section, or graduate studies institute in accounting at a domestic or foreign junior college or higher-level educational institution recognized by the Ministry of Education, or having an equivalency certificate in the same area from a junior college or higher-level educational institution.
- Having completed a minimum total of 20 credit hours of accounting and/or auditing courses at a domestic or foreign junior college or higher-level educational institution recognized by the Ministry of Education.
- Having passed the accounting or auditing test in the junior-grade or higher-level civil service examinations or their equivalents.
- Having completed a minimum total of 20 credits of accounting and/or auditing courses at a domestic or foreign junior college or higher-level educational institution recognized by the Ministry of Education, while also having a minimum total of 3 years' experience in auditing at a joint accounting firm or firms conforming with the Regulations Governing Approval of Certified Public Accountants to Audit and Attest to the Financial Reports of Public Companies (hereinafter, the "Auditing and Attestation Regulations").
For the principal accounting officer of a foreign company under Article 165-1 of the Act (hereinafter, "foreign company"), the experience at public companies as required under subparagraphs 2 and 3 of the preceding paragraph may be substituted with relevant experience at foreign enterprises that have paid-in capital of NT$50 million or more. Additionally, the experience in auditing at a joint accounting firm conforming with the Auditing and Attestation Regulations as required under subparagraph 4 of the preceding paragraph may be substituted with work experience in auditing at a foreign accounting firm that audits and attests the financial reports of companies listed and traded on an offshore securities market.
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Article 4
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A person may not act as a principal accounting officer under any of the following circumstances:
- The person has received a final and unappealable sentence for violating the Organized Crime Prevention Act and 5 years have not yet passed since completion of the sentence.
- The person has violated the Act, the Banking Act, the Financial Holding Company Act, the Trust Enterprise Act, the Act Governing Bills Finance Business, the Financial Asset Securitization Act, the Real Estate Securitization Act, the Insurance Act, the Futures Trading Act, the Securities Investment Trust and Consulting Act, the Act for Regulation of Foreign Exchange, the Credit Cooperative Act, the Agricultural Finance Act, the Farmer's Association Act, the Fisherman's Association Act, the Money Laundering Control Act, the Certified Public Accountant Act, the Business Accounting Act, or any other financial regulatory act and received a final and unappealable sentence for a fixed term of imprisonment of 1 year or more, provided that this restriction shall not apply when more than 3 years have passed since the term was completed, the term of probation expired, or pardon was granted.
- The person has committed the crime of fraud, breach of trust, embezzlement, or forgery of instruments or seals, and has received a final and unappealable sentence of a term of imprisonment of 1 year or more, provided that this restriction shall not apply when more than 3 years have passed since the term was completed, the term of probation expired, or pardon was granted.
- The term during which a financial institution has refused to honor the person's negotiable instruments has not yet expired, or the person has a record of overdue loans, collection demands, or bad debt at a credit information processing agency designated by the competent authority.
- The person has been declared bankrupt and has not been reinstated.
- The person has received a disposition from the competent authority that requires being suspended or barred from practice or being dismissed from a position, and the term of suspension has not expired or less than 3 years have passed since being barred from practice or dismissed.
- The person has no or is limited in capacity to make juridical acts, or has been declared by a court to be placed under assistance, where such declaration has not yet been voided.
- Any other circumstance sufficient for a determination that the person has engaged in dishonest or improper activities, indicating their unfitness for the position of principal accounting officer.
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