83Approval of auditors

83 Approval of auditors (1) For the purposes of this Act, an approved auditor is— (a) a person who— S. 83(1)(a)(i) amended by Nos 36/2011 s. 20, 1/2021 s. 134. (i) is a member of CPA Australia, the Institute of Public Accountants or Chartered Accountants Australia and New Zealand; and (ii) meets the requirements of one of those bodies to practise as a public accountant; and (iii) has obtained a degree in commerce, accounting, business studies or a similar discipline from an Australian university or from a foreign university approved by the Director; and (iv) has successfully completed any courses of education required by the Director under section 90(1)(a); and (v) has completed or substantially assisted in carrying out the audit of the trust records of at least 2 (or such higher number as is prescribed) licensees or Australian legal practitioners in respect of any of the previous 3 financial years; or (b) a person who— (i) is approved by the Director as an approved auditor; or (ii) comes within a class of persons that is approved by the Director as an approved class of auditor. (2) Despite subsection (1), a person is not an approved auditor for the purposes of this Act if he or she is subject to a direction under section 89(3).