Commonwealth Numbered Regulations

1989 No. 12 INDUSTRIAL RELATIONS REGULATIONS - REG 112

112. (1) A person is not a competent person for the purposes of section 275 of
the Act in relation to an organisation the income of which for the relevant
financial year exceeds $10,000 unless the person:

   (a)  is registered under a law of a State or Territory providing for the
        registation of public accountants; or

   (b)  is licensed or registered as an auditor under the law of a State or
        Territory relating to companies; and the person is not a member of the
        organisation.

(2) A person is not a competent person for the purposes of section 275 of the
Act in relation to an organisation other than an organisation referred to in
subregulation (1) unless:

   (a)  the person:

        (i)    is registered under a law of a State or Territory providing for
               the registration of public accountants; or

        (ii)   is licensed or registered as an auditor under a law of a State
               or Territory relating to companies; or

   (b)  the Registrar has issued a certificate in respect of the person
        stating that the person has had experience in the keeping or auditing
        of accounts; and the person is not a member of the organisation.
(3) In subregulation (1), "relevant financial year", in relation to an
organisation that appoints an auditor, means the financial year immediately
preceding the financial year that is current at the time of the appointment of
the auditor.