CORPORATIONS ACT 2001

CHAPTER 9 - MISCELLANEOUS  

PART 9.2 - REGISTRATION OF AUDITORS  

Division 3 - Cancellation or suspension of registration  

SECTION 1296   NOTICE OF BOARD'S DECISION  

1296(1)   [ Notice of exercise of powers]  

Where the Board decides to exercise any of its powers under section 1292 in relation to a person, or decides that it is required to make an order under subsection 1292(7) in relation to a person, the Board must, within 14 days after the decision:


(a) give to the person a notice in writing setting out the decision and the reasons for it; and


(b) lodge a copy of the notice referred to in paragraph (a); and


(c) cause to be published in the Gazette a notice in writing setting out the decision.

1296(1A)   [ Identification of audit firm or company]  

If:


(a) the Board decides to exercise the power, or makes the order, on the basis of particular conduct engaged in by the person; and


(b) the person engaged in that conduct in the course of participating in the conduct of an audit on behalf of an audit firm or audit company;

the notice under paragraph (1)(c) may identify the audit firm or audit company.

1296(1B)   [ Publicising exercise of powers]  

If the Board:


(a) decides to exercise any of its powers under section 1292 in relation to a person; or


(b) decides that it is required to make an order under subsection 1292(7) in relation to a person;

then, in addition to meeting the requirements of subsection (1), the Board may take such steps as it considers reasonable and appropriate to publicise:


(c) the decision; and


(d) the reasons for the decision.

Without limiting this, the Board may make the decision and reasons available on the internet.

1296(1C)   [ Identification when publicising]  

If:


(a) the Board decides to exercise the power under section 1292 , or makes the order under subsection 1292(7) , on the basis of particular conduct engaged in by the person; and


(b) the person engaged in that conduct in the course of participating in the conduct of an audit on behalf of an audit firm or audit company;

a publication under subsection (1B) may identify the audit firm or audit company.

1296(2)   [ Notice of refusal to exercise powers]  

Where the Board decides to refuse to exercise its powers under section 1292 in relation to a person, or decides that it is not required to make an order under subsection 1292(7) in relation to a person, the Board must, within 14 days after the decision:


(a) give to the person a notice in writing setting out the decision and the reasons for it; and


(b) lodge a copy of the notice referred to in paragraph (a).

1296(3)   [ Validity of decision]  

The validity of a decision of the Board is not affected by failure of the Board to comply with subsection (1) or (2), as the case requires, in relation to the decision.


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