Corporations Act 2001
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Hide history noteCCH note - modifying legislative instruments: The application of Pt 8B.3 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (CCIV Auditors) Instrument 2024/668.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Pt 8B.3, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
CCH Note: Division 4 is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
CCH Note: Subdivision B is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
CCH Note: Section 1226F is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
The corporate director of a retail CCIV must ensure that at all times a registered company auditor, an audit firm or an authorised audit company is engaged to audit compliance with the CCIV ' s compliance plan in accordance with this section. This auditor, firm or company is referred to as the auditor of the compliance plan .
1226F(2)
An offence based on subsection (1) is an offence of strict liability.
1226F(3)
A person is not eligible to act as the individual auditor, lead auditor or review auditor of a CCIV ' s compliance plan if the person is: (a) the corporate director; or (b) an associate of the corporate director; or (c) a person who holds money or property of the CCIV; or (d) an associate of a person covered by paragraph (c) ; or (e) the auditor of the corporate director ' s financial statements.
1226F(4)
However: (a) the auditor of the compliance plan and the auditor of the corporate director ' s financial statements may work for the same firm of auditors or audit company; and (b) the lead auditor or review auditor of the compliance plan (on the one hand) and the lead auditor or review auditor of the corporate director ' s financial statements (on the other hand) may work for the same firm of auditors or audit company.
1226F(5)
This Subdivision does not prevent the corporate director from arranging for the auditor of the compliance plan to carry out audits in addition to those required by this Subdivision.
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