Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The RSE licensee for a registrable superannuation entity may, with ASIC's consent, remove the auditor of the entity from office.
(2) An auditor of a registrable superannuation entity may, by notice in writing given to the RSE licensee for the entity, resign as auditor of the entity if:
(a) the auditor:
(i) has, by notice in writing given to ASIC, applied for consent to the resignation and stated the reasons for the application; and
(ii) has, at or about the same time as giving the notice to ASIC, given the registrable superannuation entity notice in writing of the application to ASIC; and
(b) ASIC has given its consent.
(3) As soon as practicable after ASIC receives a notice from an auditor under subsection (2), ASIC must notify the auditor, and the registrable superannuation entity, whether it consents to the resignation.
(4) A statement made by an auditor in an application to ASIC under subsection (2) or in answer to an inquiry by ASIC relating to the reasons for the application:
(a) is not admissible in evidence in any civil or criminal proceedings against the auditor; and
(b) must not be made the ground of a prosecution, action or suit against the auditor.
A certificate by ASIC that the statement was made in the application or in answer to the inquiry by ASIC is prima facie evidence that the statement was so made.
(5) The resignation of an auditor takes effect:
(a) on the day (if any) specified for the purpose in the notice of resignation; or
(b) on the day on which ASIC gives its consent to the resignation; or
(c) on the day (if any) fixed by ASIC for the purpose;
whichever occurs last.
(6) If, on the retirement or withdrawal of a member of a firm, the firm will no longer be capable of acting as auditor of a registrable superannuation entity because of subparagraph 324BB(1)(b)(i) or (2)(b)(i), the member is (if not disqualified from acting as auditor of the entity) taken to be the auditor of the entity until the member obtains the consent of ASIC to the member's retirement or withdrawal.
(7) Within 14 days after:
(a) the removal from office of an auditor of a registrable superannuation entity; or
(b) the receipt of a notice of resignation from an auditor of a registrable superannuation entity;
the entity must lodge with ASIC a notice of the removal or resignation in the prescribed form.
(8) If ASIC consents to the removal or the resignation of an auditor of a registrable superannuation entity, ASIC must:
(a) notify APRA of the consent; and
(b) do so as soon as practicable after giving the consent.