323Registrar’s power to modify the operation of section 324DA of (cf Corporations Act s 342A)

323 Registrar’s power to modify the operation of section 324DA of (cf Corporations Act s 342A)

(1) On an application made in accordance with this section, the Registrar may:

(a) declare that section 324DA (1) of the Corporations Act (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:

(i) 6 successive financial years; or

(ii) 7 successive financial years; or

(b) declare that section 324DA (2) of the Corporations Act (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.

(2) The following persons may apply for the declaration:

(a) the registered company auditor;

(b) 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.

(3) The application must be:

(a) in writing; and

(b) signed by the applicant; and

(c) lodged with the Registrar.

(4) 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.

(5) 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.

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

(a) a registered company auditor; or

(b) a firm or company that is applying for the declaration; or

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

(7) In deciding for the purposes of subsection (6) whether, without the modification, Division 4 of Part 2M.4 of the Corporations Act (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: