A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

CORPORATIONS ACT 2001

CHAPTER 9 - MISCELLANEOUS  

PART 9.2 - REGISTRATION OF AUDITORS  

Division 3 - Cancellation or suspension of registration  

SECTION 1292  POWERS OF BOARD IN RELATION TO AUDITORS  

1292(1)  

 View history reference
The Board may, if it is satisfied on an application by ASIC or APRA for a person who is registered as an auditor to be dealt with under this section that, before, at or after the commencement of this section:


(a) the person has:

(ia) contravened section 324DB; or

(i) contravened section 1287A; or

(ia) failed to comply with a condition of the person's registration as an auditor; or

(ii) ceased to be resident in Australia; or
 View history reference

[CCH Note: Paragraph 1292(1)(a) has been faithfully reproduced with two subparas (ia).]


(b) the person either:

(i) has not performed any audit work during a continuous period of not less than 5 years; or

(ii) has not performed any significant audit work during a continuous period of not less than 5 years;
and, as a result, has ceased to have the practical experience necessary for carrying out audits for the purposes of this Act; or
 View history reference

[CCH Note: There is no paragraph 1292(1)(c).]


(d) the person has failed, whether in or outside this jurisdiction, to carry out or perform adequately and properly:


(i) the duties of an auditor; or

(ii) any duties or functions required by an Australian law to be carried out or performed by a registered company auditor;
or is otherwise not a fit and proper person to remain registered as an auditor;

by order, cancel, or suspend for a specified period, the registration of the person as an auditor.

1292(1A)  

 View history reference
In determining for the purposes of subparagraph (1)(b)(ii) whether audit work performed by a person is significant, have regard to:


(a) the nature of the audit; and


(b) the extent to which the person was involved in the audit; and


(c) the level of responsibility the person assumed in relation to the audit.

1292(2)-(6)  

(Repealed by No 11 of 2016, s 3, Sch 2[230] (effective 1 March 2017).)

1292(7)  

 View history reference
The Board must, if it is satisfied on an application by ASIC or APRA for a person who is registered as an auditor to be dealt with under this section:


(a) that the person is disqualified from managing corporations under Part 2D.6; or


(b) that the person is incapable, because of mental infirmity, of managing his or her affairs;

by order, cancel the registration of the person as an auditor.

1292(8)  

(Repealed by No 11 of 2016, s 3, Sch 2[233] (effective 1 March 2017).)

1292(9)  

 View history reference
Where, on an application by ASIC or APRA for a person who is registered as an auditor to be dealt with under this section, the Board is satisfied that the person has failed to carry out or perform adequately and properly any of the duties or functions mentioned in paragraph (1)(d), or is otherwise not a fit and proper person to remain registered as an auditor the Board may deal with the person in one or more of the following ways:


(a) by admonishing or reprimanding the person;


(b) by requiring the person to give an undertaking to engage in, or to refrain from engaging in, specified conduct;


(c) by requiring the person to give an undertaking to refrain from engaging in specified conduct except on specified conditions;

and, if a person fails to give an undertaking when required to do so under paragraph (b) or (c), or contravenes an undertaking given pursuant to a requirement under that paragraph, the Board may, by order, cancel, or suspend for a specified period, the registration of the person as an auditor.

1292(10)  

 View history reference
The Board's powers under subsection (9) may be exercised in addition to, or in substitution for, the exercise of the Board's powers to cancel or suspend a registration under subsection (1).

1292(11)  

The Board may exercise any of its powers under this Division in relation to a person as a result of conduct engaged in by the person whether or not that conduct constituted or might have constituted an offence, and whether or not any proceedings have been brought or are to be brought in relation to that conduct.

1292(12)  

This section has effect subject to section 1294.

[CCH Note: There is no section 1293.]


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page