Corporations Act. Australia

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СКАЧАТЬ the purpose of applying items 10 to 14 in the table in subsection (1) to an audit firm, the firm is taken to have a particular asset if the asset is one of the firm’s partnership assets.

      Housing loan exception

      (5) For the purposes of item 15 of the table in subsection (1), disregard a debt owed by an individual to a body corporate or entity if:

      (a) the body corporate or entity is:

      (i) an Australian ADI; or

      (ii) a body corporate registered under section 21 of the Life Insurance Act 1995; and

      (b) the debt arose because of a loan that the body corporate or entity made to the person in the ordinary course of its ordinary business; and

      (c) the person used the amount of the loan to pay the whole or part of the purchase price of premises that the person uses as their principal place of residence.

      Goods and services exception

      (5A) For the purposes of item 15 of the table in subsection (1), disregard a debt owed by a person or firm to a body corporate or entity if:

      (a) the debt arises from the acquisition of goods or services from:

      (i) the audited body; or

      (ii) an entity that the audited body controls; or

      (iii) a related body corporate; and

      (b) the acquisition of goods and services was on the terms and conditions that would normally apply to goods or services acquired from the body, entity or related body corporate; and

      (c) the debt is owed on the terms and conditions that would normally apply to a debt owing to the body, entity or related body corporate; and

      (d) the goods or services will be used by the person or firm:

      (i) for the personal use of the person or firm; or

      (ii) in the ordinary course of business of the person or firm.

      Ordinary commercial loan exception

      (5B) For the purposes of item 15 of the table in subsection (1), disregard a debt owed under a loan that:

      (a) is made or given in the ordinary course of business of:

      (i) the audited body; or

      (ii) the related body corporate; or

      (iii) the controlled entity; and

      (b) is made or given on the terms and conditions that would normally apply to a loan made or given by the audited body, the related body corporate or the controlled entity.

      Loans by immediate family members in ordinary business dealing with client

      (6) For the purposes of item 16 of the table in subsection (1), disregard a debt owed to a person by a body corporate or entity if:

      (a) the item applies to the person because the person is an immediate family member of:

      (i) a professional member of the audit team conducting the audit of the audited body; or

      (ii) a non‑audit services provider; and

      (b) the debt is incurred in the ordinary course of business of the body corporate or entity.

      (6A) For the purposes of item 16 in the table in subsection (1), disregard an amount owed under a loan to a person or firm by the audited body, a related body corporate or an entity that the audited body controls if:

      (a) the body, body corporate or entity is an Australian ADI; and

      (b) the amount is deposited in a basic deposit product (within the meaning of section 761A) provided by the body, body corporate or entity; and

      (c) the amount was deposited, in the ordinary course of business of the audited body, body corporate or entity, on the terms and conditions that would normally apply to a basic deposit product provided by the body, body corporate or entity.

      Ordinary commercial guarantee exception

      (8) For the purposes of item 19 of the table in subsection (1), disregard any guarantee that:

      (a) is made or given in the ordinary course of the business of:

      (i) the audited body; or

      (ii) the related body corporate; or

      (iii) the controlled entity; and

      (b) is made or given on the terms and conditions that would normally apply to a guarantee made or given by the audited body, the related body corporate or the controlled entity.

      Future debts and liabilities

      (8A) In this section:

      (a) a reference to a debt or amount that is owed by one entity to another entity includes a reference to a debt or amount that will (or may) be owed by the first entity to the other entity under an existing agreement between the entities; and

      (b) a reference to a liability under a guarantee of a loan includes a reference to a liability that will arise under the guarantee if the loan is not repaid.

      Relevant financial year

      (9) In this section:

      relevant financial year, in relation to audit activities undertaken in relation to an audit or review of a financial report for a financial year or an audit or review of a financial report for a half‑year in a financial year, means the financial year immediately before that financial year.

      324CI Special rule for retiring partners of audit firms and retiring directors of authorised audit companies

      A person contravenes this section if:

      (a) the person ceases to be:

      (i) a member of an audit firm; or

      (ii) a director of an audit company;

      at a particular time (the departure time); and

      (b) at any time before the departure time, the audit firm or audit company has engaged in an audit of an audited body; and

      (c) the person was a professional member of the audit team for the audit; and

      (d) within the period of 2 years starting on the date the report under section 308 or 309 was made on the latest audit to which paragraphs (b) and (c) apply, the person becomes, or continues to be, an officer of the audited body; and

      (e) the audited body is not a small proprietary company for the most recently ended financial year.

      If the audited body is a listed entity (other than a registered scheme), apply paragraph (d) as if references in that paragraph to the audited body included СКАЧАТЬ