Corporations Act. Australia
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Название: Corporations Act

Автор: Australia

Издательство: Проспект

Жанр: Юриспруденция, право

Серия:

isbn: 9785392086429

isbn:

СКАЧАТЬ while that state of affairs continues, act as auditor of the company or scheme without contravening Division 2 or 3.

      Division 5 — Auditor rotation for listed companies

      324DA Limited term for eligibility to play significant role in audit of a listed company or listed registered scheme

      (1) If an individual plays a significant role in the audit of a listed company or listed registered scheme for 5 successive financial years (the extended audit involvement period), the individual is not eligible to play a significant role in the audit of the company or the scheme for a later financial year (the subsequent financial year) unless:

      (a) the individual has not played a significant role in the audit of the company or the scheme for at least 2 successive financial years (the intervening financial years); and

      (b) the intervening financial years:

      (i) commence after the end of the extended audit involvement period; and

      (ii) end before the beginning of the subsequent financial year.

      Note: Play a significant role in an audit is defined in section 9.

      (2) An individual is not eligible to play a significant role in the audit of a listed company or listed registered scheme for a financial year if, were the individual to do so, the individual would play a significant role in the audit of the company or scheme for more than 5 out of 7 successive financial years.

      (3) For the purposes of subsection (2), disregard an individual’s playing of a significant role in the audit of a company or scheme for a financial year if:

      (a) either:

      (i) the directors of the company or scheme grant an approval under section 324DAA in relation to the individual; or

      (ii) ASIC makes a declaration under paragraph 342A(1)(a) in relation to the individual; and

      (b) because of the approval or the declaration, subsection (1) of this section does not operate to make the individual not eligible to play a significant role in the audit of the company or scheme for that financial year.

      324DAA Directors may extend eligibility term

      (1) Subject to section 324DAB, the directors of a listed company, or of a listed registered scheme, may, by resolution, grant an approval for an individual to play a significant role in the audit of the company or scheme for not more than 2 successive financial years in addition to the 5 successive financial years mentioned in subsection 324DA(1).

      (2) The approval must be granted before the end of those 5 successive financial years.

      (3) If the directors grant the approval, subsection 324DA(1) applies to the individual, in relation to the audit of the company or scheme, as if the references in that subsection to 5 successive financial years were references to:

      (a) if the approval is for one additional successive financial year—6 successive financial years; or

      (b) if the approval is for an additional 2 successive financial years—7 successive financial years.

      (4) If the directors grant the approval for one successive financial year, the directors may, by resolution before the end of that year, grant an approval for an additional successive year.

      (5) If the directors grant the approval for the additional successive year, subsection 324DA(1) applies to the individual, in relation to the audit of the company or scheme, as if the references in that subsection to 5 successive financial years were references to 7 successive financial years.

      324DAB Requirements for directors to approve extension of eligibility term

      Requirements if company or scheme has audit committee

      (1) If a listed company, or the responsible entity of a listed registered scheme, has an audit committee:

      (a) an approval under section 324DAA must not be granted unless it is in accordance with a recommendation provided by the audit committee; and

      (b) the resolution granting the approval must set out the reasons why the audit committee is satisfied as mentioned in paragraph (2)(d) of this section.

      Note: Directors are not required to grant an approval merely because the audit committee has recommended that an approval be granted.

      (2) An approval is taken to be made in accordance with a recommendation provided by the audit committee only if:

      (a) the approval is consistent with the audit committee’s recommendation; and

      (b) the recommendation is endorsed by a resolution passed by the members of the audit committee; and

      (c) the recommendation is in writing signed by a member of the audit committee on behalf of the audit committee and given to the directors of the company or scheme; and

      (d) the recommendation states that the audit committee is satisfied that the approval:

      (i) is consistent with maintaining the quality of the audit provided to the company or scheme; and

      (ii) would not give rise to a conflict of interest situation (as defined in section 324CD);

      and sets out the reasons why the committee is so satisfied.

      Requirements if company or scheme does not have audit committee

      (3) If a listed company, or the responsible entity of a listed registered scheme, does not have an audit committee:

      (a) an approval under section 324DAA must not be granted unless the directors of the company or scheme are satisfied that the approval:

      (i) is consistent with maintaining the quality of the audit provided to the company or scheme; and

      (ii) would not give rise to a conflict of interest situation (as defined in section 324CD); and

      (b) the resolution granting the approval must set out the reasons why the directors are so satisfied.

      Auditor must have agreed to extension

      (4) The directors of a listed company, or of a listed registered scheme, must not grant an approval under section 324DAA unless:

      (a) if the individual to whom the approval relates does not act on behalf of an audit firm or company — the individual agrees, in writing, to the approval being granted; or

      (b) if the individual to whom the approval relates acts on behalf of an audit firm or company — the audit firm or company on whose behalf the individual acts agrees, in writing, to the approval being granted.

      324DAC Notifications about approval to extend eligibility term

      If the directors of a listed company, or of a listed registered scheme, grant an approval under section 324DAA, the directors must, within 14 days of granting the approval:

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