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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 324CK  

324CK  MULTIPLE FORMER AUDIT FIRM PARTNERS OR AUDIT COMPANY DIRECTORS  

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A person contravenes this section if:


(a) an audit firm, or audit company, is an auditor of an audited body for a financial year; and


(b) the person has at any time been a member of the audit firm or a director of the audit company; and


(c) the person becomes an officer of the audited body within a period of 5 years after the person ceased (or last ceased) to be a member of the audit firm or a director of the audit company (as the case may be); and
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(d) at the time when paragraph (c) is satisfied another person who is or who also has at any time been a member of the audit firm, or a director of the audit company, at a time when the audit firm, or audit company, undertook an audit of the audited body is also an officer of the audited body; and


(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 paragraphs (c) and (d) as if references in those paragraphs 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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