Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 (69 of 2023)

Schedule 2   ALRC Financial Services Interim Report

Part 3   Other amendments

Division 6   Other amendments

Corporations Act 2001

148   Section 324AE

Repeal the section, substitute:

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.