Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.6 - EXEMPTIONS AND MODIFICATIONS  

SECTION 342B   AUDITOR TO NOTIFY COMPANY, REGISTERED SCHEME OR REGISTRABLE SUPERANNUATION ENTITY OF SECTION 342A DECLARATION  

342B(1)    

If a registered company auditor plays a significant role in the audit of a company, registered scheme or registrable superannuation entity in reliance on a declaration by ASIC under section 342A , the auditor must give:

(a)    the company; or

(b)    the responsible entity for the registered scheme; or

(c)    the registrable superannuation entity;

written notice of the declaration.

342B(2)    
The notice must specify:

(a)    the name of the registered company auditor; and

(b)    

the additional financial years for which the registered company auditor is, because of the declaration under section 342A , eligible to play a significant role in the audit of the company, registered scheme or registrable superannuation entity.

342B(3)    
The notice must be given:

(a)    as soon as practicable after the declaration is made if the auditor has been appointed before the declaration is made; or

(b)    before the auditor is appointed if the declaration is made before the auditor is appointed.