Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 (103 of 2004)

Schedule 1   Audit Reform

Part 3   Auditor appointment, independence and rotation requirements

Corporations Act 2001

70   Section 9

Insert:

audit-critical employee , in relation to a company, or the responsible entity for a registered scheme, that is the audited body for an audit, means a person who:

(a) is an employee of the company or of the responsible entity for the registered scheme; and

(b) is able, because of the position in which the person is employed, to exercise significant influence over:

(i) a material aspect of the contents of the financial report being audited; or

(ii) the conduct or efficacy of the audit.