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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE    View history reference

Division 6 - Financial records, statements and audit    View history reference

Subdivision D - Appointment etc. of auditors    View history reference

SECTION 990B  APPOINTMENT OF AUDITOR BY LICENSEE  

 View history reference

990B(1)  [Obligation to appoint auditor]  


A financial services licensee must, within 1 month after beginning to hold the licence, appoint as auditor or auditors to audit the licensee's financial statements:


(a) a person or persons; or


(b) a firm or firms; or


(c) a person or persons and a firm or firms.

Subsections (4) and (5) must be complied with in relation to the appointment.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

990B(2)  [Vacancy]  


Within 14 days after a vacancy occurs in the office of an auditor of the licensee, if there is no surviving or continuing auditor of the licensee, the licensee must appoint:


(a) a person or persons; or


(b) a firm or firms; or


(c) a person or persons and a firm or firms;

to fill the vacancy. Subsections (4) and (5) must be complied with in relation to the appointment.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

990B(3)  [Surviving or continuing auditor]  


While a vacancy in the office of an auditor of the licensee continues, the surviving or continuing auditor or auditors (if any) may act.

990B(4)  [Ineligible auditor]  


The licensee must not appoint as auditor a person who, or firm that, is ineligible by virtue of regulations made for the purposes of section 990C to act as auditor of the licensee.

990B(5)  [Auditor's consent to act]  


The licensee must not appoint a person or firm as auditor of the licensee unless that person or firm has, before the appointment, consented by written notice given to the licensee to act as auditor and has not withdrawn the consent by written notice given to the licensee.

990B(6)  [Notification to ASIC]  


The licensee must, within 14 days after an appointment of a person or firm as auditor, lodge a written notice with ASIC stating that the licensee has made the appointment and specifying the name of the person or firm.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

990B(7)  [Regulations]  


The regulations may include provisions (including provisions imposing obligations) dealing with matters related to the appointment of a firm as auditor, including, for example:


(a) taking certain members of the firm to have been appointed as auditors; and


(b) the effect of a dissolution and reconstitution of the firm; and


(c) requiring a member of the firm who retires or withdraws to continue to act as auditor in certain circumstances; and


(d) how a report, notice or other document is to be made or given.

990B(8)  [Regulations may modify provisions]  


Regulations made for the purposes of subsection (7) may also include provisions modifying the effect of provisions of this Subdivision in relation to matters dealt with in those regulations.

990B(9)  ["person"]  

 View history reference

In this section:

person means:


(a) an individual auditor; or


(b) an authorised audit company.


 



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