THE CORPORATIONS LAW

CHAPTER 5C - MANAGED INVESTMENT SCHEMES

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PART 5C.4 - THE COMPLIANCE PLAN

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SECTION 601HH   REMOVAL AND RESIGNATION OF AUDITORS  

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601HH(1)  Removal of auditor by responsible entity.  

The responsible entity:

(a)  must remove the auditor of the compliance plan if the auditor becomes ineligible under subsection 601HG(2) to act as auditor of the compliance plan; and

(b)  may, with ASIC's consent, remove the auditor of the compliance plan.

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601HH(2)  Resignation of auditor.  

The auditor of the compliance plan may resign by written notice to the responsible entity if:

(a)  the auditor:

(i) applies to ASIC in writing for its consent to the resignation; and
(ii) gives the responsible entity written notice of the application at or about the same time as applying to ASIC; and
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(b)  ASIC consents to the resignation.

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601HH(3)  [Notification]  
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As soon as practicable after receiving the application, ASIC must notify the auditor and the responsible entity whether it consents to the resignation.

601HH(4)  [Admissibility of statement]  
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A statement by the auditor in the application or in answer to an inquiry by ASIC relating to the reasons for the application:

(a)  is not admissible in evidence in any civil or criminal proceedings in a court of this jurisdiction against the auditor (other than proceedings for a contravention of section 1308); and

(b)  may not be made the ground of a prosecution (other than a prosecution for a contravention of section 1308), action or suit against the auditor.

A certificate by ASIC that the statement was made in the application, or in answer to an inquiry by ASIC, is conclusive evidence that the statement was so made.

601HH(5)  [When resignation takes effect]  

The auditor's resignation takes effect on the later of:

(a)  the day (if any) specified in the notice of resignation; or

(b)  the day ASIC consents to the resignation; or

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(c)  the day (if any) fixed by ASIC for the purpose.

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