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CORPORATIONS ACT 2001 - SECT 327G

Restrictions on ASIC's powers to appoint a company auditor

             (1)  ASIC may appoint an individual, firm or company as auditor of a company under section 327E or 327F only if the individual, firm or company consents to being appointed.

             (2)  ASIC must not appoint an auditor of a company under section 327E or 327F if:

                     (a)  there is another auditor of the company (the continuing auditor ); and

                     (b)  ASIC is satisfied that the continuing auditor is able to carry out the responsibilities of auditor alone; and

                     (c)  the continuing auditor agrees to continue as auditor.

             (3)  ASIC must not appoint an auditor of a company under section 327E or 327F if:

                     (a)  the company does not give ASIC the notice required by subsection 327E(2) before the end of the notification period; and

                     (b)  ASIC has already appointed an auditor of the company under section 327E after the end of the notification period.



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