THE CORPORATIONS LAW

CHAPTER 9 - MISCELLANEOUS

PART 9.2 - REGISTRATION OF AUDITORS AND LIQUIDATORS

Division 2 - Registration

SECTION 1280   REGISTRATION OF AUDITORS  

1280(1)  (Omitted by No 110 of 1990, Sch 1 (effective 18 December 1990).)

1280(2)  [Requirements for granting application]  

Subject to this section, where an application for registration as an auditor is made under section 1279, the Commission shall grant the application and register the applicant as an auditor if:

(a)  the applicant:

(i) is a member of The Institute of Chartered Accountants in Australia, the Australian Society of Certified Practising Accountants or any other prescribed body;

(ii) holds a degree, diploma or certificate from a prescribed university or another prescribed institution in Australia and has passed examinations in such subjects, under whatever name, as the appropriate authority of the university or other institution certifies to the Commission to represent a course of study in accountancy (including auditing) of not less than 3 years duration and in commercial law (including company law) of not less than 2 years duration;

or

(iii) has other qualifications and experience that, in the opinion of the Commission, are equivalent to the qualifications mentioned in subparagraph (i) or (ii);

(b)  the Commission is satisfied that the applicant has had such practical experience in auditing as is prescribed; and

(c)  the Commission is satisfied that the applicant is capable of performing the duties of an auditor and is otherwise a fit and proper person to be registered as an auditor;

but otherwise the Commission shall refuse the application.

1280(3)  [Registration prohibited]  

The Commission shall not register as an auditor a person who is disqualified from managing corporations under Part 2D.6.

1280(4)  [Non-residents]  

Subject to subsection (8), the Commission may refuse to register as an auditor a person who is not resident in Australia.

1280(5)  [Certificate of registration]  

Where the Commission grants an application by a person for registration as an auditor, the Commission shall cause to be issued to the person a certificate by the Commission stating that the person has been registered as an auditor and specifying the day on which the application was granted.

1280(6)  (Omitted by No 110 of 1990, Sch 1 (effective 18 December 1990).)

1280(7)  [Duration of registration]  

A registration under this section shall be deemed to have taken effect at the beginning of the day specified in the certificate as the day on which the application for registration was granted and remains in force until:

(a)  the registration is cancelled by the Commission or the Board; or

(b)  the person who is registered dies.

1280(8)  [Applicant's right to make submissions and give evidence]  

The Commission shall not refuse to register a person as an auditor unless the Commission has given the person an opportunity to appear at a hearing before the Commission and to make submissions and give evidence to the Commission in relation to the matter.

1280(9)  [Notice of refusal to register]  

Where the Commission refuses an application by a person for registration as an auditor, the Commission shall, not later than 14 days after the decision, give to the person a notice in writing setting out the decision and the reasons for it.