Co-operatives Act 2009

The Registrar may, by order published in the Gazette, exempt —

a specified co‑operative, a specified person or firm proposed to be appointed as an auditor, or a specified director or auditor of a co‑operative; or

a specified class of co‑operatives, a specified class of persons or firms proposed to be appointed as auditors, or a specified class of directors or auditors of co‑operatives,

from compliance with a provision of regulations made for the purposes of this Part.

The exemption may —

be expressed to be subject to conditions; and

be indefinite or limited to a specified period; and

if indefinite, be expressed to commence on a specified date.

[Section 244ZZJ inserted: No. 7 of 2016 s. 85.]

244ZZK. Registrar’s power to modify the operation of section 324DA of Corporations Act

On an application made in accordance with this section, the Registrar may —

declare that the Corporations Act section 324DA(1) (as applying under Division 12 of this Part) applies to a registered company auditor, in relation to the audit of an audited body or a class of audited bodies, as if the references in that subsection to 5 successive financial years were references to —

6 successive financial years; or

7 successive financial years;

or

declare that the Corporations Act section 324DA(2) (as applying under Division 12 of this Part) applies to a registered company auditor, in relation to the audit of an audited body or a class of audited bodies during a particular period of 7 successive financial years, as if the reference in that subsection to 5 out of 7 successive financial years were a reference to 6 out of 7 successive financial years.

The following persons may apply for the declaration —

the registered company auditor;

a firm or company on whose behalf the registered company auditor acts or would act in relation to the audit or audits,

and if the application is made by a firm or company, the declaration has effect only in relation to activities undertaken by the registered company auditor on behalf of that firm or company.

The application must be —

in writing; and

signed by the applicant; and

lodged with the Registrar.

If the application is made by a registered company auditor who engages, or is to engage, in audit activities on behalf of a firm or company, the application must include the firm’s or company’s written consent to the application.

If the application is made by a firm or company in relation to a registered company auditor, the application must include the registered company auditor’s written consent to the application.

To make a declaration under subsection (1), the Registrar must be satisfied that, without the modification, the Corporations Act Part 2M.4 Division 4 (as applying under Division 12 of this Part) would impose an unreasonable burden on —

a registered company auditor; or

a firm or company that is applying for the declaration; or

the audited body or bodies in relation to which the application was made.

In deciding for the purposes of subsection (6) whether, without the modification, the Corporations Act Part 2M.4 Division 4 (as applying under Division 12 of this Part) would impose an unreasonable burden on a person referred to in that subsection, the Registrar is to have regard to —

the nature of the audited body or bodies, including whether the activity in which the audited body or bodies engage is such that specialist knowledge about that activity is necessary to carry out the audit properly; and

the availability of other registered company auditors capable of providing satisfactory audit services for the audited body or bodies; and

any other matters which the Registrar considers relevant.

The Registrar must give the applicant written notice of the making, revocation or suspension of the declaration.

[Section 244ZZK inserted: No. 7 of 2016 s. 85.]

244ZZL. Auditor to notify co‑operative of declaration

If a registered company auditor plays a significant role in the audit of a co‑operative in reliance on a declaration by the Registrar under section 244ZZK, the auditor must give the co‑operative written notice of the declaration.

Penalty for this subsection: a fine of $500.

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 244ZZK, eligible to play a significant role in the audit of the co‑operative.

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.

[Section 244ZZL inserted: No. 7 of 2016 s. 85.]

244ZZM. Amendment, suspension or revocation of exemption

The Registrar may, by order published in the Gazette, amend, suspend or revoke an exemption granted under this Division.

The power to suspend or revoke an exemption granted under section 244ZZD, 244ZZE, 244ZZG or 244ZZH can be exercised if the Registrar is satisfied that the criteria for the grant of the exemption are no longer satisfied.

[Section 244ZZM inserted: No. 7 of 2016 s. 85.]