Corporations Act. Australia

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      324BB Registration requirements for appointment of firm as auditor

      Contraventions by members of firm

      (1) A person (the defendant) contravenes this subsection if:

      (a) at a particular time, a firm:

      (i) consents to be appointed as auditor of a company or registered scheme; or

      (ii) acts as auditor of a company or registered scheme; or

      (iii) prepares a report required by this Act to be prepared by a registered company auditor or by an auditor of a company or registered scheme; and

      (b) at that time, the firm:

      (i) does not satisfy subsection (5); or

      (ii) does not satisfy subsection (6); and

      (c) the defendant is a member of the firm at that time; and

      (d) the defendant is aware of the circumstances referred to in paragraphs (a) and (b) at that time.

      (2) A person (the defendant) contravenes this subsection if:

      (a) at a particular time, a firm:

      (i) consents to be appointed as auditor of a company or registered scheme; or

      (ii) acts as auditor of a company or registered scheme; or

      (iii) prepares a report required by this Act to be prepared by a registered company auditor or by an auditor of a company or registered scheme; and

      (b) at that time, the firm:

      (i) does not satisfy subsection (5); or

      (ii) does not satisfy subsection (6); and

      (c) the defendant is a member of the firm at that time.

      (3) For the purposes of an offence based on subsection (2), strict liability applies to the physical elements of the offence specified in paragraphs (2)(a) and (b).

      Note 1: For strict liability, see section 6.1 of the Criminal Code.

      Note 2: Subsection (4) provides a defence.

      (4) A member of an audit firm does not commit an offence at a particular time because of a contravention of subsection (2) if the member either:

      (a) does not know at that time of the circumstances that constitute the contravention of subsection (2); or

      (b) does know of those circumstances at that time but takes all reasonable steps to correct the contravention as soon as possible after the member becomes aware of those circumstances.

      Note: A defendant bears an evidential burden in relation to the matters in this subsection, see subsection 13.3(3) of the Criminal Code.

      Registered company auditor requirement

      (5) The firm satisfies this subsection if at least 1 member of the firm is a registered company auditor who is ordinarily resident in Australia.

      Business name or members names requirement

      (6) The firm satisfies this subsection if:

      (a) the business name under which the firm is carrying on business is registered on the Business Names Register; or

      (b) a return in the prescribed form has been lodged showing, in relation to each member of the firm, the member’s full name and address as at the time when the firm so consents, acts or prepares a report.