Auditor to notify company, registered scheme or registrable superannuation entity of section 342A declaration
342B Auditor to notify company, registered scheme or registrable superannuation entity of section 342A declaration
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:
the company; or
the responsible entity for the registered scheme; or
the registrable superannuation entity;
written notice of the declaration.
The notice must specify:
the name of the registered company auditor; and
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.
The notice must be given:
as soon as practicable after the declaration is made if the auditor has been appointed before the declaration is made; or
before the auditor is appointed if the declaration is made before the auditor is appointed.
This Act’s bill:Explanatory memorandumSecond reading speech
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