Corporations Legislation Amendment (Simpler Regulatory System) Act 2007 (101 of 2007)
Schedule 1 Amendments
Part 1 Amendments commencing on Royal Assent
Corporations Act 2001
67 Subsections 601HG(1) and (2)
Repeal the subsections, substitute:
(1) The responsible entity of a registered scheme must ensure that at all times a registered company auditor, an audit firm or an authorised audit company is engaged to audit compliance with the scheme's compliance plan in accordance with this section. This auditor, firm or company is referred to as the auditor of the compliance plan .
(2) A person is not eligible to act as the individual auditor, lead auditor or review auditor of the compliance plan if the person is:
(a) an associate of the responsible entity; or
(b) an agent holding scheme property on behalf of the responsible entity or an associate of an agent of that kind; or
(c) the auditor of the responsible entity's financial statements.
(a) the auditor of the compliance plan and the auditor of the responsible entity's financial statements may work for the same firm of auditors or audit company; and
(b) the lead auditor or review auditor of the compliance plan (on the one hand) and the lead auditor or review auditor of the responsible entity's financial statements (on the other hand) may work for the same firm of auditors or audit company.