sec.766Auditors of reporting units

### sec.766 Auditors of reporting units A reporting unit’s organisation must ensure there is an auditor of the reporting unit at any time an auditor is required for the operation of this division in relation to the reporting unit. Maximum penalty—100 penalty units. The position of auditor of a reporting unit must be held by— a person who is an approved auditor; or a firm, at least 1 of whose members is an approved auditor. A person must not accept appointment as auditor of a reporting unit unless— the person is an approved auditor; and the person is not an excluded auditor in relation to the reporting unit. Maximum penalty—100 penalty units. A member of a firm must not accept appointment of the firm as auditor of a reporting unit unless— at least 1 member of the firm is an approved auditor; and no member of the firm is an excluded auditor in relation to the reporting unit. Maximum penalty—100 penalty units. A person who holds the position of auditor of a reporting unit must resign the appointment if the person— stops being an approved auditor; or becomes an excluded auditor in relation to the reporting unit. Maximum penalty—100 penalty units. A member of a firm that holds the position of auditor of a reporting unit must take whatever steps are open to the member to ensure the firm resigns the appointment if the member— stops being an approved auditor and is or becomes aware that no other member of the firm is an approved auditor; or becomes an excluded auditor in relation to the reporting unit; or becomes aware another member of the firm is an excluded auditor in relation to the reporting unit. Maximum penalty—100 penalty units. The auditor of a reporting unit must try to comply with each requirement of this Act that applies to the auditor in that capacity. In this section— excluded auditor , in relation to a reporting unit, means— an officer or employee of the reporting unit or the organisation of which the reporting unit is a part; or a partner, employer or employee of an officer or employee of the reporting unit or the organisation of which the reporting unit is a part; or a liquidator in relation to property of the reporting unit or the organisation of which the reporting unit is a part; or a person who owes more than $5,000 to the reporting unit or the organisation of which the reporting unit is a part. (sec.766-ssec.1) A reporting unit’s organisation must ensure there is an auditor of the reporting unit at any time an auditor is required for the operation of this division in relation to the reporting unit. Maximum penalty—100 penalty units. (sec.766-ssec.2) The position of auditor of a reporting unit must be held by— a person who is an approved auditor; or a firm, at least 1 of whose members is an approved auditor. (sec.766-ssec.3) A person must not accept appointment as auditor of a reporting unit unless— the person is an approved auditor; and the person is not an excluded auditor in relation to the reporting unit. Maximum penalty—100 penalty units. (sec.766-ssec.4) A member of a firm must not accept appointment of the firm as auditor of a reporting unit unless— at least 1 member of the firm is an approved auditor; and no member of the firm is an excluded auditor in relation to the reporting unit. Maximum penalty—100 penalty units. (sec.766-ssec.5) A person who holds the position of auditor of a reporting unit must resign the appointment if the person— stops being an approved auditor; or becomes an excluded auditor in relation to the reporting unit. Maximum penalty—100 penalty units. (sec.766-ssec.6) A member of a firm that holds the position of auditor of a reporting unit must take whatever steps are open to the member to ensure the firm resigns the appointment if the member— stops being an approved auditor and is or becomes aware that no other member of the firm is an approved auditor; or becomes an excluded auditor in relation to the reporting unit; or becomes aware another member of the firm is an excluded auditor in relation to the reporting unit. Maximum penalty—100 penalty units. (sec.766-ssec.7) The auditor of a reporting unit must try to comply with each requirement of this Act that applies to the auditor in that capacity. (sec.766-ssec.8) In this section— excluded auditor , in relation to a reporting unit, means— an officer or employee of the reporting unit or the organisation of which the reporting unit is a part; or a partner, employer or employee of an officer or employee of the reporting unit or the organisation of which the reporting unit is a part; or a liquidator in relation to property of the reporting unit or the organisation of which the reporting unit is a part; or a person who owes more than $5,000 to the reporting unit or the organisation of which the reporting unit is a part. - (a) a person who is an approved auditor; or - (b) a firm, at least 1 of whose members is an approved auditor. - (a) the person is an approved auditor; and - (b) the person is not an excluded auditor in relation to the reporting unit. - (a) at least 1 member of the firm is an approved auditor; and - (b) no member of the firm is an excluded auditor in relation to the reporting unit. - (a) stops being an approved auditor; or - (b) becomes an excluded auditor in relation to the reporting unit. - (a) stops being an approved auditor and is or becomes aware that no other member of the firm is an approved auditor; or - (b) becomes an excluded auditor in relation to the reporting unit; or - (c) becomes aware another member of the firm is an excluded auditor in relation to the reporting unit. - (a) an officer or employee of the reporting unit or the organisation of which the reporting unit is a part; or - (b) a partner, employer or employee of an officer or employee of the reporting unit or the organisation of which the reporting unit is a part; or - (c) a liquidator in relation to property of the reporting unit or the organisation of which the reporting unit is a part; or - (d) a person who owes more than $5,000 to the reporting unit or the organisation of which the reporting unit is a part.