Corporations Act 2001
A person contravenes this section if:
(a) an audit firm, or audit company, is an auditor of an audited body for a financial year; and
(b) the person has at any time been a member of the audit firm or a director of the audit company; and
(c) the person becomes an officer of the audited body within a period of 5 years after the person ceased (or last ceased) to be a member of the audit firm or a director of the audit company (as the case may be); and
(d) at the time when paragraph (c) is satisfied another person who is or who also has at any time been a member of the audit firm, or a director of the audit company, at a time when the audit firm, or audit company, undertook an audit of the audited body is also an officer of the audited body; and
(e) subsection 324CH(3A) (about small proprietary companies) does not apply to the audited body for the most recently ended financial year.
If the audited body is a listed entity (other than a registered scheme), apply paragraphs (c) and (d) as if references in those paragraphs to the audited body included references to a related body corporate of the audited body.
[ CCH Note: Act No 101 of 2007, Sch 1, Pt 6 [ 235] contained the following application provision (which was effective 28 June 2007):
Application of items 60, 61 and 62
The amendments made by items 60, 61 and 62 apply to any person who ceases to be:
(a) a member of an audit firm; or (b) a director of an audit company; or (c) a professional employee of an audit company;whether the person so ceases before or after the day on which those items commence.