Section 324AE — Corporations Act 2001: Meaning of professional member—audit team

If an individual auditor, audit firm or audit company conducts an audit of a company or registered scheme, a person who is any of the following is a professional member of the audit team for the audit: (a) a registered company auditor who participates in the conduct of the audit; (b) a person who participates in the conduct of the audit and, in the course of doing so, exercises professional judgement in relation to the application of or compliance with: (i) accounting standards; or (ii) auditing standards; or (iii) the provisions of this Act dealing with financial reporting and the conduct of audits; and (c) a person who is in a position to directly influence the outcome of the audit because of the role they play in the design, planning, management, supervision or oversight of the audit; (d) a person who recommends or decides what the lead auditor is to be paid in connection with the performance of the audit; (e) a person who provides, or takes part in providing, quality control for the audit.