116Minister may approve persons to conduct audits

#### 116 Minister may approve persons to conduct audits (1) The Minister may, in writing, approve a person to conduct audits under this Division. (2) An instrument of approval under subsection (1) is not a legislative instrument. (3) The Minister must not approve a person to conduct audits under this Division unless: (a) the Minister is satisfied that the person has the knowledge, training or experience necessary to properly exercise the powers of an auditor; or (b) the person is a registered company auditor (within the meaning of the Corporations Act 2001); or (c) the person is an authorised audit company (within the meaning of the Corporations Act 2001). (4) The rules may make provision for and in relation to matters relating to the approval of persons under subsection (1). (5) Without limiting subsection (4), the rules may make provision for and in relation to the following: (a) applications for approval; (b) dealing with such applications; (c) additional requirements that must be met for approval; (d) matters to which the Minister may or must have regard in considering an application for approval; (e) conditions of an approval; (f) the period of effect of an approval; (g) assessment of the competency of applicants; (h) suspension and revocation of an approval.