Co-operatives Act 2009

A large co‑operative must —

appoint an auditor of the co‑operative at its first annual general meeting; and

appoint an auditor of the co‑operative to fill any vacancy in the office of auditor at each subsequent annual general meeting.

An auditor appointed under subsection (1) holds office until the auditor —

dies; or

is removed, or resigns, from office in accordance with section 244ZW; or

ceases to be capable of acting as auditor because of the Corporations Act Part 2M.4 Division 2 as applying under this Part; or

ceases to be auditor under subsection (3), (4) or (5).

An individual auditor ceases to be auditor of a large co‑operative under this subsection if —

on a particular day (the start day), the individual auditor —

informs the Registrar of a conflict of interest situation in relation to the co‑operative under the Corporations Act section 324CA(1A) as applying under this Part; or

informs the Registrar of particular circumstances in relation to the co‑operative under the Corporations Act section 324CE(1A) as applying under this Part;

the individual auditor does not give the Registrar a notice, before the notification day (see subsection (6)), that that conflict of interest situation has, or those circumstances have, ceased to exist before the end of the period (the remedial period) of 21 days, or such longer period as the Registrar approves in writing, from the start day.

An audit firm ceases to be auditor of a large co‑operative under this subsection if —

on a particular day (the start day), the Registrar is —

informed of a conflict of interest situation in relation to the co‑operative under the Corporations Act section 324CB(1A) as applying under this Part; or

informed of particular circumstances in relation to the co‑operative under the Corporations Act section 324CF(1A) as applying under this Part;

the Registrar has not been given a notice on behalf of the audit firm, before the notification day (see subsection (6)), that that conflict of interest situation has, or those circumstances have, ceased to exist before the end of the period (the remedial period) of 21 days, or such longer period as the Registrar approves in writing, from the start day.

An audit company ceases to be auditor of a large co‑operative under this subsection if —

on a particular day (the start day), the Registrar is —

informed of a conflict of interest situation in relation to the co‑operative under the Corporations Act section 324CB(1A) or 324CC(1A), as applying under this Part; or

informed of particular circumstances in relation to the co‑operative under the Corporations Act section 324CF(1A) or 324CG(1A) or (5A), as applying under this Part;

the Registrar has not been given a notice on behalf of the audit company, before the notification day (see subsection (6)), that that conflict of interest situation has, or those circumstances have, ceased to exist before the end of the period (the remedial period) of 21 days, or such longer period as the Registrar approves in writing, from the start day.

For the purposes of subsections (3)(b), (4)(b) and (5)(b), the notification day is —

the last day of the remedial period; or

such later day as the Registrar approves in writing (whether before or after the remedial period ends).

A director of a large co‑operative must take all reasonable steps to comply with, or to secure compliance with, subsection (1).

If an audit firm ceases to be the auditor of a large co‑operative under subsection (2) at a particular time, each member of the firm who —

is taken to have been appointed as an auditor of the co‑operative under the Corporations Act section 324AB(1) or 324AC(4), as applying under this Part; and

is an auditor of the co‑operative immediately before that time,