Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE

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CCH note - modifying legislative instruments: The application of Pt 7.8 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 (Div 8 only) (as amended by ASIC Corporations (Amendment) Instrument 2024/554).

For legislative instruments or class orders before 1 January 2022 that affect the application of Pt 7.8, 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.

Division 6 - Financial records, statements and audit

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CCH Note: Division 6 is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.

Subdivision D - Appointment etc. of auditors

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CCH Note: Subdivision D is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.

SECTION 990D INELIGIBLE PERSON OR FIRM MUST NOT CONSENT TO ACT OR DISQUALIFY THEMSELVES ETC.

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CCH Note: Section 990D is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.

990D(1)
A person or firm, while ineligible to act as auditor of the licensee, must not:

(a) consent to be appointed as auditor of the licensee; or

(b) act as auditor of the licensee; or

(c) prepare a report that an auditor of the licensee is to prepare under this Part.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

990D(2)
A person must not:

(a) if the person has been appointed auditor of the licensee - disqualify himself or herself, while the appointment continues, from acting as auditor of the licensee; or

(b) if the person is a member of a firm that has been appointed auditor of the licensee - disqualify the firm, while the appointment continues, from acting as auditor of the licensee.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

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