Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A reporting unit must ensure that there is an auditor of the reporting unit at any time when an auditor is required for the purposes of the operation of this Part in relation to the reporting unit.
Civil penalty: 200 penalty units.
(2) The position of auditor of a reporting unit is to be held by:
(a) an individual who is a registered auditor; or
(b) a firm, at least one of whose members is a registered auditor; or
(c) a company, at least one of whose directors, officers or employees is a registered auditor.
(3) An individual must not accept appointment as auditor of a reporting unit unless:
(a) the individual is a registered auditor; and
(b) the individual is not an excluded auditor in relation to the reporting unit.
Civil penalty: 200 penalty units.
(4) A member of a firm must not accept appointment of the firm as auditor of a reporting unit unless:
(a) at least one member of the firm is a registered auditor; and
(b) no member of the firm is an excluded auditor in relation to the reporting unit.
Civil penalty: 200 penalty units.
(4A) A company must not accept appointment as auditor of a reporting unit unless:
(a) at least one director, officer or employee of the company is a registered auditor; and
(b) no director, officer or employee of the company is an excluded auditor in relation to the reporting unit.
Civil penalty: 200 penalty units.
(5) An individual who holds the position of auditor of a reporting unit must resign the appointment if the individual:
(a) ceases to be a registered auditor; or
(b) becomes an excluded auditor in relation to the reporting unit.
Civil penalty: 200 penalty units.
(6) A member of a firm that holds the position of auditor of a reporting unit must take whatever steps are open to the member to ensure that the firm resigns the appointment if the member:
(a) ceases to be a registered auditor and is or becomes aware that no other member of the firm is a registered auditor; or
(b) becomes an excluded auditor in relation to the reporting unit; or
(c) becomes aware that another member of the firm is an excluded auditor in relation to the reporting unit.
Civil penalty: 200 penalty units.
(6A) A company that holds the position of auditor of a reporting unit must resign the appointment if:
(a) there is no longer any director, officer or employee of the company who is a registered auditor; or
(b) a director, officer or employee of the company becomes an excluded auditor in relation to the reporting unit.
Civil penalty: 200 penalty units.
(7) The auditor of a reporting unit must use his or her best
endeavours to comply with each requirement of this Act that is applicable to
the auditor in that capacity.