Corporations Act 2001

CHAPTER 9 - MISCELLANEOUS  

PART 9.2A - AUTHORISED AUDIT COMPANIES  

Division 2 - Cancellation or suspension of registration  

SECTION 1299I  

1299I   CANCELLATION OR SUSPENSION IN OTHER CASES  

ASIC 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.