Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS, SUSTAINABILITY REPORTS AND AUDIT  

PART 2M.4 - APPOINTMENT AND REMOVAL OF AUDITORS  

Division 1 - Entities that may be appointed as an auditor for a company, registered scheme or registrable superannuation entity  

SECTION 324AE  

324AE   MEANING OF PROFESSIONAL MEMBER - AUDIT TEAM  

If an individual auditor, audit firm or audit company conducts an audit of a company or registered scheme, a person who is any of the following is a professional member of the audit team for the audit:

(a)    a registered company auditor who participates in the conduct of the audit;

(b)    a person who participates in the conduct of the audit and, in the course of doing so, exercises professional judgement in relation to the application of or compliance with:

(i) accounting standards; or

(ii) auditing standards; or

(iii) the provisions of this Act dealing with financial reporting and the conduct of audits; and

(c)    a person who is in a position to directly influence the outcome of the audit because of the role they play in the design, planning, management, supervision or oversight of the audit;

(d)    

a person who recommends or decides what the lead auditor is to be paid in connection with the performance of the audit;

(e)    

a person who provides, or takes part in providing, quality control for the audit.