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CORPORATIONS ACT 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.4 - APPOINTMENT AND REMOVAL OF AUDITORS  

Division 3 - Auditor independence    View history reference

Subdivision B - Specific requirements    View history reference

SECTION 324CI  

324CI  SPECIAL RULE FOR RETIRING PARTNERS OF AUDIT FIRMS AND RETIRING DIRECTORS OF AUTHORISED AUDIT COMPANIES  

 View history reference
A person contravenes this section if:


(a) the person ceases to be:


(i) a member of an audit firm; or

(ii) a director of an audit company;
at a particular time (the departure time); and


(b) at any time before the departure time, the audit firm or audit company has engaged in an audit of an audited body; and


(c) the person was a professional member of the audit team for the audit; and


(d) within the period of 2 years starting on the date the report under section 308 or 309 was made on the latest audit to which paragraphs (b) and (c) apply, the person becomes, or continues to be, an officer of the audited body; and
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(e) the audited body is not a small proprietary company for the most recently ended financial year.

If the audited body is a listed entity (other than a registered scheme), apply paragraph (d) as if references in that paragraph to the audited body included references to a related body corporate of the audited body.

[CCH Note: Act No 101 of 2007, Sch 1, Pt 6[235] contained the following application provision (which was effective 28 June 2007):

Application of items 60, 61 and 62

The amendments made by items 60, 61 and 62 apply to any person who ceases to be:

(a) a member of an audit firm; or
(b) a director of an audit company; or
(c) a professional employee of an audit company;
whether the person so ceases before or after the day on which those items commence.
]

 



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