324Auditor to notify co-operative of declaration

324 Auditor to notify co-operative of declaration

324 Auditor to notify co-operative of declaration

(cf Corporations Act s 342B)

(1) 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 323, the auditor must give the co-operative written notice of the declaration.

Maximum penalty—$500.

(2) The notice must specify—

(a) the name of the registered company auditor; and

(b) the additional financial years for which the registered company auditor is, because of the declaration under section 323, eligible to play a significant role in the audit of the co-operative.

(3) The notice must be given—

(a) as soon as practicable after the declaration is made if the auditor has been appointed before the declaration is made; or

(b) before the auditor is appointed if the declaration is made before the auditor is appointed.