Meaning of professional member—audit team
324AE Meaning of professional member—audit team
If an individual auditor, audit firm or audit company conducts an audit of a company or registered scheme, a person who is any of the following is a professional member of the audit team for the audit:
a registered company auditor who participates in the conduct of the audit;
a person who participates in the conduct of the audit and, in the course of doing so, exercises professional judgement in relation to the application of or compliance with:
accounting standards; or
auditing standards; or
the provisions of this Act dealing with financial reporting and the conduct of audits; and
a person who is in a position to directly influence the outcome of the audit because of the role they play in the design, planning, management, supervision or oversight of the audit;
a person who recommends or decides what the lead auditor is to be paid in connection with the performance of the audit;
a person who provides, or takes part in providing, quality control for the audit.
This Act’s bill:Explanatory memorandumSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.