Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1299I

    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.