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 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.4 - APPOINTMENT AND REMOVAL OF AUDITORS  

Division 1 - Entities that may be appointed as an auditor for a company or registered scheme    View history reference

SECTION 324AC  EFFECT OF APPOINTING FIRM AS AUDITOR - RECONSTITUTION OF FIRM  

 View history reference

324AC(1)  Reconstitution of firm.  


This section deals with the situation in which:


(a) a firm is appointed as auditor of a company or registered scheme; and


(b) the firm is reconstituted because of either or both of the following:


(i) the death, retirement or withdrawal of a member or members; or

(ii) the admission of a new member or new members.

324AC(2)  Retiring or withdrawing member.  


A person who:


(a) is taken under subsection 324AB(1) to be an auditor of the company; and


(b) retires or withdraws from the firm as previously constituted as mentioned in subparagraph (1)(b)(i) of this section;

is taken to resign as auditor of the company as from the day of his or her retirement or withdrawal.

324AC(3)  [Exception]  


Section 329 does not apply to the resignation that is taken to occur under subsection (2) unless:


(a) the person who is taken to have resigned was the only member of the firm who was a registered company auditor; and


(b) there is no member of the firm who is a registered company auditor after that person retires or withdraws from the firm.

324AC(4)  New member.  


A person who:


(a) is a registered company auditor; and


(b) is admitted to the firm as mentioned in subparagraph (1)(b)(ii);

is taken to have been appointed as an auditor of the company or registered scheme as from the day of his or her admission to the firm.

324AC(5)  Appointments of continuing members not affected.  


The reconstitution of the firm does not affect the appointment of the continuing members of the firm who are registered company auditors as auditors of the company or registered scheme.

324AC(6)  [Registration requirements]  


Nothing in this section affects the operation of section 324BB.


 



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