Corporations Act 2001

ASIC may appoint an individual, firm or company as auditor of a company under section 327E or 327F only if the individual, firm or company consents to being appointed.

ASIC must not appoint an auditor of a company under section 327E or 327F if:

there is another auditor of the company (the continuing auditor); and

ASIC is satisfied that the continuing auditor is able to carry out the responsibilities of auditor alone; and

the continuing auditor agrees to continue as auditor.

ASIC must not appoint an auditor of a company under section 327E or 327F if:

the company does not give ASIC the notice required by subsection 327E(2) before the end of the notification period; and

ASIC has already appointed an auditor of the company under section 327E after the end of the notification period.