Section 325 — Corporations Act 2001: Appointment of auditor by proprietary company

(1) The directors of a proprietary company may appoint an auditor for the company if an auditor has not been appointed by the company in general meeting. (2) The directors of a proprietary company must ensure that there is an auditor for the company at all times during the period: (a) starting 1 month after: (i) the time the company first raises a total equal to or exceeding the CSF audit threshold from all the CSF offers it has ever made; or (ii) if the period starting because of subparagraph (i), or because of an earlier operation of this subparagraph, has ended—the time the company makes a later CSF offer; and (b) when the company ceases to have any CSF shareholders at a later time in a particular financial year—ending when the company’s financial report for that financial year has been audited. (3) However, subsection (2) does not apply for any period of 1 month or less starting when a vacancy occurs in the office of auditor of the company (however that vacancy is caused). (4) A director of a company must take all reasonable steps to comply with, or to secure compliance with, subsection (2).