Commonwealth Consolidated Acts

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Removal and resignation of auditors

Removal of auditor by corporate director

             (1)  The corporate director of a retail CCIV:

                     (a)  must remove the auditor of the compliance plan if the auditor becomes ineligible under subsection 1226F(3) to act as auditor of the compliance plan; and

                     (b)  may, with ASIC's written consent, remove the auditor of the compliance plan.

             (2)  An offence based on paragraph (1)(a) is an offence of strict liability.

Resignation of auditor

             (3)  The auditor of the compliance plan may resign by written notice to the corporate director if:

                     (a)  the auditor:

                              (i)  applies to ASIC in writing for its consent to the resignation; and

                             (ii)  gives the corporate director written notice of the application at or about the same time as applying to ASIC; and

                     (b)  ASIC consents to the resignation.

             (4)  As soon as practicable after receiving the application, ASIC must notify the auditor and the corporate director whether it consents to the resignation.

             (5)  A statement by the auditor in the application 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 (other than proceedings for a contravention of section 1308); and

                     (b)  may not be made the ground of a prosecution (other than a prosecution for a contravention of section 1308), action or suit against the auditor.

A certificate by ASIC that the statement was made in the application, or in answer to an inquiry by ASIC, is conclusive evidence that the statement was so made.

             (6)  The auditor's resignation takes effect on the later of:

                     (a)  the day (if any) specified in the notice of resignation; or

                     (b)  the day ASIC consents to the resignation; or

                     (c)  the day (if any) fixed by ASIC for the purpose.

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