Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.4 - APPOINTMENT AND REMOVAL OF AUDITORS  

Division 8 - Appointment, removal and fees of auditors of registrable superannuation entities  

Subdivision A - Appointment of registrable superannuation entity auditors  

SECTION 331AH   REGISTRABLE SUPERANNUATION ENTITY AUDITOR (DURATION OF APPOINTMENT)  

331AH(1)    
An auditor of a registrable superannuation entity holds office until the auditor:

(a)    dies; or

(b)    is removed, or resigns, from office in accordance with section 331AK ; or

(c)    ceases to be capable of acting as an auditor because of Division 2 , 2A or 5 of this Part; or

(d)    ceases to be auditor under subsection (2) , (3) , (4) or (5) .

331AH(2)    
An auditor ceases to be the auditor of a registrable superannuation entity for the purposes of this Chapter if the auditor ceases to be the auditor of the entity for the purposes of the RSE licensee law.

331AH(3)    
An individual auditor ceases to be the auditor of a registrable superannuation entity for the purposes of this Chapter if:

(a)    on a particular day (the start day ), the individual auditor:

(i) informs ASIC of a conflict of interest situation in relation to the entity under subsection 324CA(1A) ; or

(ii) informs ASIC of particular circumstances in relation to the entity under subsection 324CE(1A) ; and

(b)    the individual auditor does not give ASIC a notice, before the notification day (see subsection (6) ), that that conflict of interest situation has, or those circumstances have, ceased to exist before the end of the period (the remedial period ) of 21 days, or such longer period as ASIC approves in writing, from the start day.

331AH(4)    
An audit firm ceases to be auditor of a registrable superannuation entity under this subsection if:

(a)    on a particular day (the start day ), ASIC is:

(i) informed of a conflict of interest situation in relation to the entity under subsection 324CB(1A) ; or

(ii) informed of particular circumstances in relation to the entity under subsection 324CF(1A) ; and

(b)    ASIC has not been given a notice on behalf of the audit firm, before the notification day (see subsection (6) ), that that conflict of interest situation has, or those circumstances have, ceased to exist before the end of the period (the remedial period ) of 21 days, or such longer period as ASIC approves in writing, from the start day.

331AH(5)    
An audit company ceases to be auditor of a registrable superannuation entity under this subsection if:

(a)    on a particular day (the start day ), ASIC is:

(i) informed of a conflict of interest situation in relation to the entity under subsection 324CB(1A) or 324CC(1A) ; or

(ii) informed of particular circumstances in relation to the entity under subsection 324CF(1A) or 324CG(1A) or (5A) ; and

(b)    ASIC has not been given a notice on behalf of the audit company, before the notification day (see subsection (6) ), that that conflict of interest situation has, or those circumstances have, ceased to exist before the end of the period (the remedial period ) of 21 days, or such longer period as ASIC approves in writing, from the start day.

331AH(6)    
The notification day is:

(a)    the last day of the remedial period; or

(b)    such later day as ASIC approves in writing (whether before or after the remedial period ends).

331AH(7)    
If an audit firm ceases to be the auditor of a registrable superannuation entity under subsection (1) at a particular time, each member of the firm who:

(a)    is taken to have been appointed as an auditor of the entity under subsection 324AB(1) or 324AC(4) ; and

(b)    is an auditor of the entity immediately before that time;

ceases to be an auditor of the entity at that time.