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CORPORATIONS ACT 2001 - SECT 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 a director of the audit company; and

  (c)   the person becomes an officer of the audited body within a period of 5 years after the person ceased (or last ceased) to be a member of the audit firm or a director of the audit company (as the case may be); and

  (d)   at the time when paragraph   (c) is satisfied another person who is or who also has at any time been a member of the audit firm, or a director of the audit company, at a time when the audit firm, or audit company, undertook an audit of the audited body is also an officer of the audited body; and

  (e)   subsection   324CH(3A) (about small proprietary companies) does not apply to the audited body for the most recently ended financial year.

If the audited body is a listed entity (other than a registered scheme), apply paragraphs   (c) and (d) as if references in those paragraphs to the audited body included references to a related body corporate of the audited body.



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