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 324AB   EFFECT OF APPOINTING FIRM AS AUDITOR - GENERAL  

324AB(1)    

The appointment of a firm as auditor of a company, registered scheme or registrable superannuation entity is taken to be an appointment of all persons who, at the date of the appointment, are:

(a)    members of the firm; and

(b)    registered company auditors.

This is so whether or not those persons are resident in Australia.

324AB(2)    

The appointment of the members of a firm as auditors of a company, registered scheme or registrable superannuation entity that is taken by subsection (1) to have been made because of the appointment of the firm as auditor of the company, scheme or entity is not affected by the dissolution of the firm. This subsection has effect subject to section 324AC .

324AB(3)    

A report or notice that purports to be made or given by a firm appointed as auditor of a company, registered scheme or registrable superannuation entity is not taken to be duly made or given unless it is signed by a member of the firm who is a registered company auditor both:

(a)    in the firm name; and

(b)    in his or her own name.

324AB(4)    
A notice required or permitted to be given to an audit firm under the Corporations legislation may be given to the firm by giving the notice to a member of the firm.

324AB(5)    
For the purposes of criminal proceedings under this Act against a member of an audit firm, an act or omission by:

(a)    a member of the firm; or

(b)    an employee or agent of the audit firm;

acting within the actual or apparent scope of his or her employment, or within his or her actual or apparent authority, is also to be attributed to the audit firm.