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<h1>Appointment of auditor authorises board to appoint an auditor with inspecting-officer powers and corresponding obligations on applicants.</h1> The board may appoint an auditor to inspect or investigate an applicant's or designated depository participant's books, records, documents, infrastructure, systems and procedures; the auditor holds the same powers as an inspecting officer and the applicant, designated depository participants, and their directors, officers and employees must observe the same obligations toward the auditor as prescribed for inspections.