Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 342B

Auditor to notify company, registered scheme or registrable superannuation entity of section 342A declaration

  (1)   If a registered company auditor plays a significant role in the audit of a company, registered scheme or registrable superannuation entity in reliance on a declaration by ASIC under section   342A, the auditor must give:

  (a)   the company; or

  (b)   the responsible entity for the registered scheme; or

  (c)   the registrable superannuation entity;

written notice of the declaration.

  (2)   The notice must specify:

  (a)   the name of the registered company auditor; and

  (b)   the additional financial years for which the registered company auditor is, because of the declaration under section   342A, eligible to play a significant role in the audit of the company, registered scheme or registrable superannuation entity.

  (3)   The notice must be given:

  (a)   as soon as practicable after the declaration is made if the auditor has been appointed before the declaration is made; or

  (b)   before the auditor is appointed if the declaration is made before the auditor is appointed.


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