Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 324CC — General requirement for auditor independence—director of audit company
Contravention by director of audit company (1) A person (the defendant) contravenes this subsection if: (a) an audit company engages in audit activity in relation to an audited body at a particular…
Section 324DAC — Notifications about approval to extend eligibility term
If the directors of a listed company, of a listed registered scheme or of a registrable superannuation entity, grant an approval under section 324DAA, the directors must, within 14 days of granting…
Section 324DC — Audit firm’s rotation obligation
Contraventions by members of audit firm (1) A person (the defendant) contravenes this subsection if: (a) an audit firm consents to act as a listed company’s auditor, listed registered scheme’s…
Section 324AD — Effect of appointing company as auditor
(1) A report or notice that purports to be made or given by an audit company appointed as auditor of a company, registered scheme or registrable superannuation entity is not taken to be duly made or…
Section 324BD — Exception from registration requirement for proprietary company
(1) An individual who is not a registered company auditor may be appointed as auditor of a proprietary company if: (a) ASIC is satisfied that it is impracticable for a proprietary company to obtain…
Section 324CD — Conflict of interest situation
(1) For the purposes of sections 324CA, 324CB and 324CC, a conflict of interest situation exists in relation to an audited body at a particular time if, because of circumstances that exist at that…
Section 324DAD — Approval ineffective unless it complies with requirements
A purported grant of approval under section 324DAA is ineffective unless the requirements of sections 324DAA, 324DAB and 324DAC are complied with in relation to the approval.
Section 324DD — Audit company’s rotation obligation
Contravention by audit company (1) An audit company contravenes this subsection if: (a) the audit company consents to act as a listed company’s auditor, listed registered scheme’s auditor or…
Section 324AE — 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…
Section 324BE — Exception from registration requirement—reviewing financial reports of companies limited by guarantee
(1) An individual is taken to be a registered company auditor for the purposes of a review of a financial report of a company limited by guarantee if the individual: (a) is a member of a professional…
Section 324CE — Auditor independence—specific requirements for individual auditor
Specific independence requirements for individual auditor (1) An individual auditor contravenes this subsection if: (a) the individual auditor engages in audit activity at a particular time; and (b)…
Section 324AF — Meaning of lead auditor and review auditor
Lead auditor (1) If an audit firm or audit company conducts an audit of a company, registered scheme or registrable superannuation entity, the lead auditor for the audit is the registered company…
Section 324BF — Eligibility requirements for auditors of registrable superannuation entities
(1) An individual contravenes this section if: (a) the individual: (i) consents to be appointed as auditor of a registrable superannuation entity for the purposes of this Chapter; or (ii) acts as…
Section 324CF — Auditor independence—specific requirements for audit firm
Contraventions by members of audit firm (1) A person (the defendant) contravenes this subsection if: (a) an audit firm engages in audit activity at a particular time; and (b) a relevant item of the…
Section 324CG — Auditor independence—specific requirements for audit company
Specific independence requirements for audit company (1) An audit company contravenes this subsection if: (a) the audit company engages in audit activity at a particular time; and (b) a relevant item…
Section 324CH — Relevant relationships
Table of relevant relationships (1) The following table lists the relationships between: (a) a person or a firm; and (b) the audited body for an audit; that are relevant for the purposes of sections…
Section 324CI — Special rule for retiring partners of audit firms and retiring directors of authorised audit companies
A person contravenes this section if: (a) the person ceases to be: (i) a member of an audit firm; or (ii) a director of an audit company; at a particular time (the departure time); and (b) at any…
Section 324CJ — Special rule for retiring professional member of audit company
A person contravenes this section if: (a) the person who is not a director of an audit company ceases to be a professional employee of the audit company at a particular time (the departure time); and…
Section 324CK — Multiple former audit firm partners or audit company directors
A person contravenes this section if: (a) an audit firm, or audit company, is an auditor of an audited body for a financial year; and (b) the person has at any time been a member of the audit firm or…
Section 324CL — People who are regarded as officers of a company for the purposes of this Division
(1) For the purposes of this Division, a person is taken to be an officer of a company if: (a) the person is an officer of: (i) a related body corporate; or (ii) an entity that the company controls;…
Section 324CM — Deliberately disqualifying auditor
Individual auditor (1) An individual contravenes this subsection if: (a) the individual is appointed auditor of a company, registered scheme or registrable superannuation entity; and (b) while the…
Section 325 — 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…
Section 327A — Public company auditor (initial appointment of auditor)
(1) The directors of a public company must appoint an auditor of the company within 1 month after the day on which a company is registered as a company unless the company at a general meeting has…
Section 327B — Public company auditor (annual appointments at AGMs to fill vacancies)
(1) A public company must: (a) appoint an auditor of the company at its first AGM; and (b) appoint an auditor of the company to fill any vacancy in the office of auditor at each subsequent AGM. (1A)…
Section 327C — Public company auditor (appointment to fill casual vacancy)
(1) If: (a) a vacancy occurs in the office of auditor of a public company; and (b) the vacancy is not caused by the removal of an auditor from office; and (c) there is no surviving or continuing…
Section 327D — Appointment to replace auditor removed from office
(1) This section deals with the situation in which an auditor of a company is removed from office at a general meeting in accordance with section 329. (2) The company may at that general meeting…
Section 327E — ASIC may appoint a company auditor if auditor removed but not replaced
(1) This section applies if: (a) the directors of a proprietary company fail to appoint an auditor under subsection 325(2); or (b) a public company fails to appoint an auditor under subsection…
Section 327F — ASIC’s general power to appoint a company auditor
(1) ASIC may appoint an auditor of a public company, or of a proprietary company that has one or more CSF shareholders, if: (a) the company or its directors fail to appoint an auditor when required…
Section 327G — Restrictions on ASIC’s powers to appoint a company auditor
(1) ASIC may appoint an individual, firm or company as auditor of a company under section 327E or 327F only if the individual, firm or company consents to being appointed. (2) ASIC must not appoint…
Section 327H — Effect on appointment of public company auditor of company beginning to be controlled by a corporation
An auditor of a public company that begins to be controlled by a corporation: (a) must retire at the AGM of the company next held after the company begins to be controlled by the corporation unless…
Section 327I — Remaining auditors may act during vacancy
While a vacancy in the office of auditor of a company continues, the surviving or continuing auditor or auditors (if any) may act as auditors of the company.
Section 328A — Auditor’s consent to appointment
(1) A company, the directors of a company or the responsible entity of a registered scheme must not appoint an individual, firm or company as auditor of the company unless that individual, firm or…
Section 328B — Nomination of auditor
(1) Subject to this section, a company may appoint an individual, firm or company as auditor of the company at its AGM only if a member of the company gives the company written notice of the…
Section 328C — Public company auditor (appointment of auditor when crowd-sourced funding concession ends)
(1) If a public company stops being covered under section 738ZI at a time, the directors of the company must appoint an auditor of the company within 1 month after that time, unless the company at a…
Section 328D — Public company auditor (appointment of auditor when $3 million raised using crowd-sourced funding)
(1) If the directors of a public company that is covered under section 738ZI become aware that the company has raised $3 million or more from all CSF offers, the directors of the company must appoint…
Section 328E — Crowd-sourced funding—period of office
(1) This section applies to an auditor appointed as auditor of a company, if the company was covered under section 738ZI at the time the auditor was appointed. Note: This section applies to an…
Section 329 — Removal and resignation of auditors
(1) An auditor of a company may be removed from office by resolution of the company at a general meeting of which notice under subsection (1A) has been given, but not otherwise. (1A) Notice of…
Section 330 — Effect of winding up on office of auditor
An auditor of a company ceases to hold office if: (a) a special resolution is passed for the voluntary winding up of the company; or (b) in a case to which paragraph (a) does not apply—an order is…
Section 331 — Fees and expenses of auditors
The reasonable fees and expenses of an auditor of a company are payable by the company.
Section 331AAA — Registered scheme auditor (initial appointment of auditor)
(1) The responsible entity of a registered scheme must appoint an auditor of the registered scheme within 1 month after the day on which the scheme is registered. (2) An auditor appointed under…
Section 331AAB — Registered scheme auditor (appointment to fill vacancy)
(1) If: (a) a vacancy occurs in the office of auditor of a registered scheme; and (b) there is no surviving or continuing auditor of the scheme; the responsible entity must, within 1 month after the…
Section 331AAC — ASIC’s power to appoint registered scheme auditor
(1) ASIC may appoint an auditor of a registered scheme if: (a) the responsible entity of the scheme does not appoint an auditor when required by this Act to do so; and (b) a member of the scheme…
Section 331AC — Removal and resignation of auditors
(1) The responsible entity of a registered scheme may, with ASIC’s consent, remove the auditor of the scheme from office. (2) An auditor of a registered scheme may, by notice in writing given to the…
Section 331AAD — Remaining auditors may act during vacancy
While a vacancy in the office of auditor of a registered scheme continues, the surviving or continuing auditor or auditors (if any) may act as auditors of the company.
Section 331AD — Effect of winding up on office of auditor
An auditor of a registered scheme ceases to hold office if: (a) the scheme’s constitution provides that the scheme is to be wound up at a specified time, in specified circumstances or on the…
Section 331AE — Fees and expenses of auditors
The reasonable fees and expenses of an auditor of a registered scheme are payable by the responsible entity.
Section 331AF — Registrable superannuation entity auditor (initial appointment of auditor)
(1) If a registrable superannuation entity is registered under section 29M of the Superannuation Industry (Supervision) Act 1993 after the commencement of this section, the RSE licensee must appoint…
Section 331AG — Registrable superannuation entity auditor (appointment to fill vacancy)
(1) If a vacancy occurs in the office of auditor of a registrable superannuation entity, the RSE licensee for the entity must, within 1 month after the vacancy occurs, appoint an auditor to fill the…
Section 331AH — Registrable superannuation entity auditor (duration of appointment)
(1) An auditor of a registrable superannuation entity holds office until the auditor: (a) dies; or (b) is removed, or resigns, from office in accordance with section 331AK; or (c) ceases to be…
Section 331AJ — ASIC’s power to appoint auditor of a registrable superannuation entity
(1) ASIC may appoint an auditor of a registrable superannuation entity for the purposes of this Chapter if: (a) the RSE licensee for the entity does not appoint an auditor when required by this Act…