323Registrar’s power to modify the operation of section 324DA of Corporations Act

323 Registrar’s power to modify the operation of section 324DA of Corporations Act

323 Registrar’s power to modify the operation of section 324DA of Corporations Act

(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.