Corporations Act. Australia

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СКАЧАТЬ 12

      6

      an immediate family member of a person who is a non‑audit services provider and who does not satisfy the maximum hours test in subsection (6)

      10 to 12

      7

      an entity that the auditor (or a service company or trust acting for, or on behalf of, the individual auditor, or another entity performing a similar function) controls

      15

      8

      a body corporate in which the auditor (or a service company or trust acting for, or on behalf of, the individual auditor, or another entity performing a similar function) has a substantial holding

      15

      9

      a person who:

      (a) is a former professional employee of the auditor; and

      (b) does not satisfy the independence test in subsection (7)

      1 and 2

      10

      an individual who:

      (a) is the former owner of the individual auditor’s business; and

      (b) does not satisfy the independence test in subsection (7)

      1 and 2

      Maximum hours test

      (6) A non‑audit services provider satisfies the maximum hours test in this subsection if:

      (a) the number of hours for which the person provides services (other than services related to the conduct of an audit) to the audited body on behalf of the auditor during the period to which the audit relates does not exceed 10 hours; and

      (b) the number of hours for which the person provides services (other than services related to the conduct of an audit) to the audited body on behalf of the auditor during the 12 months immediately before the beginning of the period to which the audit relates does not exceed 10 hours.

      In a prosecution for an offence based on subsection (1) or (2), the prosecution must prove that the non‑audit services provider did not satisfy the maximum hours test in this subsection.

      Independence test

      (7) A person satisfies the independence test in this subsection in relation to an individual auditor if the person:

      (a) does not influence the operations or financial policies of the accounting and audit practice conducted by the auditor; and

      (b) does not participate, or appear to participate, in the business or professional activities of the accounting and audit practice conducted by the auditor; and

      (c) does not have any rights against the auditor in relation to the accounting and audit practice conducted by the auditor in relation to the termination of the person’s former employment by the auditor; and

      (d) has no financial arrangements with the auditor in relation to the accounting and audit practice conducted by the auditor, other than:

      (i) an arrangement providing for regular payments of a fixed pre‑determined dollar amount which is not dependent, directly or indirectly, on the revenues, profits or earnings of the auditor; or

      (ii) an arrangement providing for regular payments of a dollar amount where the method of calculating the dollar amount is fixed and is not dependent, directly or indirectly, on the revenues, profits or earnings of the auditor; and

      (e) without limiting paragraph (d), has no financial arrangement with the auditor to receive a commission or similar payment in relation to business generated by the person for the accounting and audit practice conducted by the auditor.

      In a prosecution for an offence based on subsection (1) or (2), the prosecution must prove that the person did not satisfy the independence test in this subsection in relation to the individual auditor.

      (8) In applying subsection (7), disregard any rights that the person has against the auditor by way of an indemnity for, or contribution in relation to, liabilities incurred by the person when the person was an employee of the auditor or the owner of the auditor’s business.

      324CF Auditor independence — specific requirements for audit firm

      Contraventions by members of audit firm

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

      (a) an audit firm engages in audit activity at a particular time; and

      (b) a relevant item of the table in subsection 324CH(1) applies at that time to a person or entity covered by subsection (5) of this section; and

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

      (d) the defendant is or becomes aware of the circumstances referred to in paragraphs (a) and (b); and

      (e) the defendant does not, as soon as possible after the defendant becomes aware of those circumstances, take all reasonable steps to ensure that the audit firm does not continue to engage in audit activity in those circumstances.

      Member of audit firm to notify ASIC

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

      (a) an audit firm is the auditor of an audited body; and

      (b) a relevant item of the table in subsection 324CH(1) applies to a person or entity covered by subsection (5) of this section while the audit firm is the auditor of the audited body; and

      (c) the defendant is a member of the audit firm at a time when the circumstances referred to in paragraph (b) exist; and

      (d) on a particular day (the start day), the defendant becomes aware of the circumstances referred to in paragraphs (a) and (b); and

      (e) at the end of the period of 7 days from the start day:

      (i) the circumstances referred to in paragraph (b) remain in existence; and

      (ii) ASIC has not been informed in writing of those circumstances by the defendant, by another member of the audit firm or by someone else on behalf of the audit firm.

      Note: If the audited body is a public company or a registered scheme and the notice under this subsection is not followed up by a notice under subsection 327B(2B) (public company) or 331AAA(2B) (registered scheme) within the period of 21 days (or a longer period that has been approved by ASIC) from the day the notice under this subsection is given, the audit appointment will be terminated at the end of that period.

      (1B) A person is not excused from informing ASIC under subsection (1A) that the circumstances referred to in paragraph (1A)(b) exist on the ground that the information might tend to incriminate the person or expose the person to a penalty.

      (1C) СКАЧАТЬ