Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS, SUSTAINABILITY REPORTS AND AUDIT  

PART 2M.4 - APPOINTMENT AND REMOVAL OF AUDITORS  

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

Note: This Division does not apply in relation to a CCIV. Instead, section 1232R applies a modified version of Division 7 to a retail CCIV.

Subdivision A - Appointment of company auditors  

SECTION 325   APPOINTMENT OF AUDITOR BY PROPRIETARY COMPANY  

325(1)    
The directors of a proprietary company may appoint an auditor for the company if an auditor has not been appointed by the company in general meeting.

325(2)    

The directors of a proprietary company must ensure that there is an auditor for the company at all times during the period:

(a) starting 1 month after:

(i) the time the company first raises a total equal to or exceeding the CSF audit threshold from all the CSF offers it has ever made; or

(ii) if the period starting because of subparagraph (i), or because of an earlier operation of this subparagraph, has ended - the time the company makes a later CSF offer; and

(b) when the company ceases to have any CSF shareholders at a later time in a particular financial year - ending when the company ' s financial report for that financial year has been audited.

325(3)    

However, subsection (2) does not apply for any period of 1 month or less starting when a vacancy occurs in the office of auditor of the company (however that vacancy is caused).

325(4)    

A director of a company must take all reasonable steps to comply with, or to secure compliance with, subsection (2).