Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS, SUSTAINABILITY REPORTS AND AUDIT  

PART 2M.4 - APPOINTMENT AND REMOVAL OF AUDITORS  

Division 3 - Auditor independence  

Subdivision B - Specific requirements  

Note: This Subdivision applies in relation to retail CCIVs in a modified form: see section 1232P .

SECTION 324CK  

324CK   MULTIPLE FORMER AUDIT FIRM PARTNERS OR AUDIT COMPANY DIRECTORS  

A person contravenes this section if:

(a) an audit firm, or audit company, is an auditor of an audited body for a financial year; and

(b) the person has at any time been a member of the audit firm or a director of the audit company; and

(c) the person becomes an officer of the audited body within a period of 5 years after the person ceased (or last ceased) to be a member of the audit firm or a director of the audit company (as the case may be); and

(d) at the time when paragraph (c) is satisfied another person who is or who also has at any time been a member of the audit firm, or a director of the audit company, at a time when the audit firm, or audit company, undertook an audit of the audited body is also an officer of the audited body; and

(e) subsection 324CH(3A) (about small proprietary companies) does not apply to the audited body for the most recently ended financial year.

If the audited body is a listed entity (other than a registered scheme), apply paragraphs (c) and (d) as if references in those paragraphs to the audited body included references to a related body corporate of the audited body.