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CORPORATIONS ACT 2001 - SECT 1280

Registration of auditors

             (2)  Subject to this section, where an application for registration as an auditor is made under section 1279, ASIC must grant the application and register the applicant as an auditor if:

                     (a)  the applicant satisfies subsection (2A) or (2B); and

                     (b)  ASIC is satisfied that the applicant has either:

                              (i)  satisfied all the components of an auditing competency standard approved by ASIC under section 1280A; or

                             (ii)  had such practical experience in auditing as is prescribed; and

                     (c)  ASIC is satisfied that the applicant is capable of performing the duties of an auditor and is otherwise a fit and proper person to be registered as an auditor;

but otherwise ASIC must refuse the application.

          (2A)  The applicant satisfies this subsection if the applicant:

                     (a)  holds a degree, diploma or certificate from a prescribed university or another prescribed institution in Australia; and

                     (b)  has, in the course of obtaining that degree, diploma or certificate, passed examinations in such subjects, under whatever name, as the appropriate authority of the university or other institution certifies to ASIC to represent a course of study:

                              (i)  in accountancy (including auditing) of not less than 3 years duration; and

                             (ii)  in commercial law (including company law) of not less than 2 years duration; and

                     (c)  has satisfactorily completed a course in auditing prescribed by the regulations for the purposes of this paragraph.

          (2B)  The applicant satisfies this subsection if the applicant has other qualifications and experience that, in ASIC's opinion, are equivalent to the requirements mentioned in subsection (2A).

             (3)  ASIC must not register as an auditor a person who is disqualified from managing corporations under Part 2D.6.

             (4)  Subject to subsection (8), ASIC may refuse to register as an auditor a person who is not resident in Australia.

             (5)  Where ASIC grants an application by a person for registration as an auditor, ASIC must cause to be issued to the person a certificate by ASIC stating that the person has been registered as an auditor and specifying the day on which the application was granted.

             (7)  A registration under this section is taken to have taken effect at the beginning of the day specified in the certificate as the day on which the application for registration was granted and remains in force until:

                     (a)  the registration is cancelled by ASIC or the Board; or

                     (b)  the person who is registered dies.

             (8)  ASIC must not refuse to register a person as an auditor unless ASIC has given the person an opportunity to appear at a hearing before ASIC and to make submissions and give evidence to ASIC in relation to the matter.

             (9)  Where ASIC refuses an application by a person for registration as an auditor, ASIC must, not later than 14 days after the decision, give to the person a notice in writing setting out the decision and the reasons for it.



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