Appointment of auditor and conducting an audit
459 Appointment of auditor and conducting an audit
A person who is given notice under section 458 (the audited person) must:
appoint a person to conduct the audit required by the notice; and
arrange for the person appointed (the auditor) to conduct the audit in accordance with the notice.
Civil penalty: 500 penalty units.
The person appointed to conduct the audit must be:
a registered auditor; or
if no registered auditor is reasonably available to conduct the audit—a person who the CEO has approved for such appointment before the appointment is made.
The CEO may, in writing, approve a person for the purposes of paragraph (2)(b) if:
the person approved is not an officer or employee of the audited person; and
the CEO is satisfied that the person approved has the independence, and the knowledge or experience, necessary to properly conduct the audit.
An appointment of a person to conduct the audit made otherwise than in accordance with subsection (2) has no effect.
An approval under subsection (3) is not a legislative instrument.
This Act’s bill:Explanatory memorandumSecond reading speech
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