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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 324AE  

324AE  PROFESSIONAL MEMBERS OF THE AUDIT TEAM  

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If an individual auditor, audit firm or audit company conducts an audit of a company or registered scheme, the professional members of the audit team are:


(a) any registered company auditor who participates in the conduct of the audit; and


(b) any other person who participates in the conduct of the audit and, in the course of doing so, exercises professional judgment in relation to the application of or compliance with:


(i) accounting standards; or

(ii) auditing standards; or

(iii) the provisions of this Act dealing with financial reporting and the conduct of audits; and


(c) any other person who is in a position to directly influence the outcome of the audit because of the role they play in the design, planning, management, supervision or oversight of the audit; and


(d) any person who recommends or decides what the lead auditor is to be paid in connection with the performance of the audit; and
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(e) any person who provides, or takes part in providing, quality control for the audit.
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