Commonwealth Consolidated Acts

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Meaning of professional member --audit team

    If an individual auditor, audit firm or audit company conducts an audit of a company or registered scheme, a person who is any of the following is a professional member of the audit team for the audit:

  (a)   a registered company auditor who participates in the conduct of the audit;

  (b)   a person who participates in the conduct of the audit and, in the course of doing so, exercises professional judgement in relation to the application of or compliance with:

  (i)   accounting standards; or

  (ii)   auditing standards; or

  (iii)   the provisions of this Act dealing with financial reporting and the conduct of audits; and

  (c)   a person who is in a position to directly influence the outcome of the audit because of the role they play in the design, planning, management, supervision or oversight of the audit;

  (d)   a person who recommends or decides what the lead auditor is to be paid in connection with the performance of the audit;

  (e)   a person who provides, or takes part   in providing, quality control for the audit.

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