Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.4 - APPOINTMENT AND REMOVAL OF AUDITORS  

Division 2A - Eligibility requirements for auditors of registrable superannuation entities  

SECTION 324BF   ELIGIBILITY REQUIREMENTS FOR AUDITORS OF REGISTRABLE SUPERANNUATION ENTITIES  

324BF(1)    
An individual contravenes this section if:

(a)    the individual:

(i) consents to be appointed as auditor of a registrable superannuation entity for the purposes of this Chapter; or

(ii) acts as auditor of a registrable superannuation entity for the purposes of this Chapter; or

(iii) prepares a report required by this Act to be prepared by an auditor of a registrable superannuation entity; and

(b)    the person:

(i) does not meet the eligibility criteria for auditors of registrable superannuation entities (within the meaning of the Superannuation Industry (Supervision) Act 1993 ) set out in the prudential standards (within the meaning of that Act); or

(ii) has been disqualified from being, or acting as, an auditor of a registrable superannuation entity (within the meaning of the Superannuation Industry (Supervision) Act 1993 ) under section 130D of that Act; or

(iii) is a member or employee of a firm that is disqualified under section 130EA of the Superannuation Industry (Supervision) Act 1993 ; or

(iv) is a director or employee of a company that is disqualified under section 130EA of the Superannuation Industry (Supervision) Act 1993 .

324BF(2)    
A company contravenes this section if:

(a)    the company:

(i) consents to be appointed as auditor of a registrable superannuation entity for the purposes of this Chapter; or

(ii) acts as auditor of a registrable superannuation entity for the purposes of this Chapter; or

(iii) prepares a report required by this Act to be prepared by an auditor of a registrable superannuation entity; and

(b)    the company is disqualified under section 130EA of the Superannuation Industry (Supervision) Act 1993 .

324BF(3)    
A member of a firm contravenes this section if:

(a)    the firm:

(i) consents to be appointed as auditor of a registrable superannuation entity for the purposes of this Chapter; or

(ii) acts as auditor of a registrable superannuation entity for the purposes of this Chapter; or

(iii) prepares a report required by this Act to be prepared by an auditor of a registrable superannuation entity; and

(b)    the firm is disqualified under section 130EA of the Superannuation Industry (Supervision) Act 1993 .

324BF(4)    
A company contravenes this section if:

(a)    the company:

(i) consents to be appointed as auditor of a registrable superannuation entity for the purposes of this Chapter; or

(ii) acts as auditor of a registrable superannuation entity for the purposes of this Chapter; or

(iii) prepares a report required by this Act to be prepared by an auditor of a registrable superannuation entity; and

(b)    the lead auditor for an audit of a registrable superannuation entity conducted by the company:

(i) does not meet the eligibility criteria for auditors of registrable superannuation entities (within the meaning of the Superannuation Industry (Supervision) Act 1993 ) set out in the prudential standards (within the meaning of that Act); or

(ii) has been disqualified from being, or acting as, an auditor of a registrable superannuation entity (within the meaning of the Superannuation Industry (Supervision) Act 1993 ) under section 130D of that Act.

324BF(5)    
A member of a firm contravenes this section if:

(a)    the firm:

(i) consents to be appointed as auditor of a registrable superannuation entity for the purposes of this Chapter; or

(ii) acts as auditor of a registrable superannuation entity for the purposes of this Chapter; or

(iii) prepares a report required by this Act to be prepared by an auditor of a registrable superannuation entity; and

(b)    the lead auditor for an audit of a registrable superannuation entity conducted by the firm:

(i) does not meet the eligibility criteria for auditors of registrable superannuation entities (within the meaning of the Superannuation Industry (Supervision) Act 1993 ) set out in the prudential standards (within the meaning of that Act); or

(ii) has been disqualified from being, or acting as, an auditor of a registrable superannuation entity (within the meaning of the Superannuation Industry (Supervision) Act 1993 ) under section 130D of that Act.