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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 324CJ  

324CJ  SPECIAL RULE FOR RETIRING PROFESSIONAL MEMBER OF AUDIT COMPANY  

 View history reference
A person contravenes this section if:


(a) the person who is not a director of an audit company ceases to be a professional employee of the audit company at a particular time (the departure time); and


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


(c) the person was a lead auditor or review auditor 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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