Narrate the eligibility conditions for appointment of auditors under the Hong Kong Companies Ordinance.

The following are eligible conditions for appointment of auditor, under the Hong Kong Companies Ordinance:- Only a practice unit is eligible for appointment as auditor and the following are disqualified for appointment as auditor:- (a) A person who is an officer or employee of the company (b) A person who is a partner or employee of a person mentioned in (a) above (c) A person who is: by virtue of (a) and (b) above, disqualified for appointment as auditor of any other undertaking that is a subsidiary undertaking or a parent undertaking of the company or is a subsidiary undertaking or parent undertaking of the company or is a subsidiary undertaking or parent undertaking or Would be so disqualified if the undertaking were a company. (d) Auditor must be appointed for each financial year.