115Qualifications of auditors

#### 115 Qualifications of auditors 115 Qualifications of auditors > > (1) A person is qualified to act as an auditor for the purposes of this Division if the person— > > > > > (a) is a registered company auditor within the meaning of the Corporations Act, or > > > > > (a1) is an authorised audit company within the meaning of the Corporations Act, or > > > > > (a2) is a member of a professional accounting body within the meaning of the [Australian Securities and Investments Commission Act 2001](http://www.legislation.gov.au/) of the Commonwealth and holds a Public Practice Certificate or Certificate of Public Practice issued by the body, or > > > > > (b) is a person who has been nominated by the person whose records and documents are to be audited and who has been approved by the Secretary by order in writing. > > > (2) Such a person is not qualified to act as an auditor for the purposes of this Division if the person— > > > > > (a) has been, at any time within 2 years before the last day of the period in respect of which the audit is to be made, or is— > > > > > > > (i) an employee or partner of the person whose records or documents are to be audited, or > > > > > > > (ii) engaged in the business carried on by the person whose records or documents are to be audited, other than as an auditor for the purposes of this Division, or > > > > > (b) is a licensee, or a shareholder in a corporation that is a licensee and that has not more than twenty shareholders. > > > (3) A reference in this section to a person engaged in a business carried on by another person (a regulated person) is a reference to a person— > > > > > (a) who is engaged by the regulated person, other than as an employee of the regulated person, to provide services in the course of the business conducted by the regulated person, or > > > > > (b) whose services are or have been provided to the regulated person in the course of the business carried on by the regulated person, other than as an employee of the regulated person, under an arrangement entered into by the regulated person with another person. > > **s 115:** Am 2013 No 3, Sch 1 \[15\]; 2016 No 60, Sch 1 \[21\] \[22\].