Corporations Act 2001
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Hide history noteASIC may cancel or suspend a company's registration as an authorised audit company if:
(a) the company ceases to be eligible to be registered as an authorised audit company; or
(b) the company fails to meet conditions or observe restrictions imposed on the company's registration as an authorised audit company; or
(c) in the case of a company that is a leviable entity (within the meaning of the ASIC Supervisory Cost Recovery Levy Act 2017 ) - the following have not been paid in full at least 12 months after the due date for payment:
(i) an amount of levy (if any) payable in respect of the company;
(ii) an amount of late payment penalty payable (if any) in relation to the levy;
(iii) an amount of shortfall penalty payable (if any) in relation to the levy.
Note: See section 1299K for when the cancellation takes effect.
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