Corporations Act 2001

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

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

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

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

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

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.

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, scheme or entity, as if the references in that subsection to 5 successive financial years were references to 7 successive financial years.