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CORPORATIONS ACT 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.4 - APPOINTMENT AND REMOVAL OF AUDITORS  

Division 6 - Appointment, removal and fees of auditors for companies    View history reference

Subdivision A - Appointment of company auditors    View history reference

SECTION 327E  ASIC MAY APPOINT PUBLIC COMPANY AUDITOR IF AUDITOR REMOVED BUT NOT REPLACED  

 View history reference

327E(1)  [Application]  


This section deals with the situation in which a public company fails to appoint an auditor under subsection 327D(2) or (3). The failure is referred to as the auditor replacement failure.

327E(2)  [Notice]  


The company must give ASIC written notice of the auditor replacement failure within the period of 7 days commencing on the day of the auditor replacement failure (the notification period).

327E(3)  [Appointment by ASIC after receiving notice]  


If the company gives ASIC the notice required by subsection (2), ASIC must appoint an auditor of the company as soon as practicable after receiving the notice. This subsection has effect subject to section 327G.

327E(4)  [Appointment by ASIC if no notice]  


If the company does not give ASIC the notice required by subsection (2), ASIC may appoint an auditor of the company at any time:


(a) after the end of the notification period; and


(b) before ASIC receives notice of the auditor replacement failure from the company.

This subsection has effect subject to section 327G.

327E(5)  [Appointment by ASIC after receiving late notice]  


If the company:


(a) does not give ASIC the notice required by subsection (2); and


(b) gives ASIC notice of the auditor replacement failure after the end of the notification period;

ASIC must appoint an auditor of the company as soon as practicable after receiving the notice. This subsection has effect subject to section 327G.

327E(6)  [Tenure]  


Subject to this Part, an auditor appointed under this section holds office until the company's next AGM.


 



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