Commonwealth Consolidated Acts

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Audit reforms in Schedule 1 to the amending Act (auditor appointment)

             (1)  Section 324AC applies to all appointments of firms as auditor (including an appointment that was made before the Schedule 1 commencement).

             (2)  The appointment of a person as auditor of a company or registered scheme made before the Schedule 1 commencement under section 327 or 331AB of the old Act remains valid and effective despite the repeal of that section.

             (3)  An approval by ASIC that is in force under subsection 324(12) of the old Act immediately before the Schedule 1 commencement has effect on and after the Schedule 1 commencement as if it had been given under section 324B.

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