Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If an individual plays a significant role in the audit of a listed company, listed registered scheme or registrable superannuation entity for 5 successive financial years (the extended audit involvement period ), the individual is not eligible to play a significant role in the audit of the company, the scheme or the entity for a later financial year (the subsequent financial year ) unless:
(a) the individual has not played a significant role in the audit of the company, the scheme or the entity for at least 2 successive financial years (the intervening financial years ); and
(b) the intervening financial years:
(i) commence after the end of the extended audit involvement period; and
(ii) end before the beginning of the subsequent financial year.
Note: Play a significant role in an audit is defined in section 9.
(2) An individual is not eligible to play a significant role in the audit of a listed company, listed registered scheme or registrable superannuation entity for a financial year if, were the individual to do so, the individual would play a significant role in the audit of the company, the scheme or the entity for more than 5 out of 7 successive financial years.
(3) For the purposes of subsection (2), disregard an individual's playing of a significant role in the audit of a company, scheme or entity for a financial year if:
(a) either:
(i) the directors of the company, scheme or entity grant an approval under section 324DAA in relation to the individual; or
(ii) ASIC makes a declaration under paragraph 342A(1)(a) in relation to the individual; and
(b) because of the approval or the declaration, subsection (1) of this section does not operate to make the individual not eligible to play a significant role in the audit of the company, scheme or entity for that financial year.