Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.5 - TRANSITIONAL PROVISIONS RELATING TO THE CORPORATE LAW ECONOMIC REFORM PROGRAM (AUDIT REFORM AND CORPORATE DISCLOSURE) ACT 2004  

SECTION 1461   AUDIT REFORMS IN SCHEDULE 1 TO THE AMENDING ACT (AUDITOR APPOINTMENT)  

1461(1)   [ Reconstitution of audit firms]  

Section 324AC applies to all appointments of firms as auditor (including an appointment that was made before the Schedule 1 commencement).

1461(2)   [ Existing appointments]  

The appointment of a person as auditor of a company or registered scheme made before the Schedule 1 commencement under section 327 or 331AB of the old Act remains valid and effective despite the repeal of that section.

1461(3)   [ Existing ASIC approval]  

An approval by ASIC that is in force under subsection 324(12) of the old Act immediately before the Schedule 1 commencement has effect on and after the Schedule 1 commencement as if it had been given under section 324B .