Section 1299I — Corporations Act 2001: Cancellation or suspension in other cases

ASIC may cancel or suspend a company’s registration as an authorised audit company if: (a) the company ceases to be eligible to be registered as an authorised audit company; or (b) the company fails to meet conditions or observe restrictions imposed on the company’s registration as an authorised audit company; or (c) in the case of a company that is a leviable entity (within the meaning of the ASIC Supervisory Cost Recovery Levy Act 2017)—the following have not been paid in full at least 12 months after the due date for payment: (i) an amount of levy (if any) payable in respect of the company; (ii) an amount of late payment penalty payable (if any) in relation to the levy; (iii) an amount of shortfall penalty payable (if any) in relation to the levy. Note: See section 1299K for when the cancellation takes effect.