Corporations Act 2001

CHAPTER 9 - MISCELLANEOUS  

PART 9.2 - REGISTRATION OF AUDITORS  

Division 3 - Cancellation or suspension of registration  

SECTION 1291  

1291   IMMEDIATE SUSPENSION OR CANCELLATION  

ASIC may cancel or suspend a person ' s registration as an auditor if:

(a) the person is liable to pay levy imposed by the ASIC Supervisory Cost Recovery Levy Act 2017 ; and

(b) 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 person;

(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 1298 for the effect of suspension.