Composition of Authority: sets appointment, qualifications and conflict-of-interest declaration requirements for members and chairperson.

The rules prescribe the composition of the Authority-chairperson, three full-time members and nine part-time members-appointed by the Central Government, with the chairperson required to have at least twenty-five years' expertise and full-time members at least twenty years' expertise in accountancy, auditing, finance or law. All appointees must submit a pre-appointment declaration confirming absence of conflict of interest; chairperson and full-time members are barred from association with any audit firm during tenure and for two years after; part-time members must not hold interests likely to prejudicially affect their functions.

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