Commonwealth Consolidated Acts

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Auditor to notify company or registered scheme of section 342A declaration

             (1)  If a registered company auditor plays a significant role in the audit of a company or registered scheme in reliance on a declaration by ASIC under section 342A, the auditor must give the company or the responsible entity for the registered scheme written notice of the declaration.

             (2)  The notice must specify:

                     (a)  the name of the registered company auditor; and

                     (b)  the additional financial years for which the registered company auditor is, because of the declaration under section 342A, eligible to play a significant role in the audit of the company or registered scheme.

             (3)  The notice must be given:

                     (a)  as soon as practicable after the declaration is made if the auditor has been appointed before the declaration is made; or

                     (b)  before the auditor is appointed if the declaration is made before the auditor is appointed.

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