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 327G   RESTRICTIONS ON ASIC ' S POWERS TO APPOINT A COMPANY AUDITOR  

327G(1)    
ASIC may appoint an individual, firm or company as auditor of a company under section 327E or 327F only if the individual, firm or company consents to being appointed.

327G(2)    
ASIC must not appoint an auditor of a company under section 327E or 327F if:

(a) there is another auditor of the company (the continuing auditor ); and

(b) ASIC is satisfied that the continuing auditor is able to carry out the responsibilities of auditor alone; and

(c) the continuing auditor agrees to continue as auditor.

327G(3)    
ASIC must not appoint an auditor of a company under section 327E or 327F if:

(a) the company does not give ASIC the notice required by subsection 327E(2) before the end of the notification period; and

(b) ASIC has already appointed an auditor of the company under section 327E after the end of the notification period.