Securities Industry Act 1980
75Appointment of auditor by dealer
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75 Appointment of auditor by dealer
(1) Within one month after a person becomes the holder of a dealers licence he shall appoint a person or persons, a firm or firms, or a person or persons and a firm or firms, as auditor or auditors to audit his accounts. (2) Subject to this section, a person shall not:
(a) consent to be appointed as auditor of a dealer;
(b) act as auditor of a dealer; or
(c) prepare a report required by this Act to be prepared by an auditor of a dealer;
if:
(d) the person is not a registered company auditor;
(e) the person, or a body corporate in which the person is a substantial shareholder for the purposes of Division 4 of Part IV of the Companies Act 1981 or the provisions of the law of a participating State or a participating Territory that correspond with that Division, is indebted in an amount exceeding $5,000 to the dealer or, if the dealer is a body corporate, to a related body corporate; or
(f) the person is:
(i) in the case of a dealer who is a natural person—a partner or employee of the dealer; or
(ii) in the case of a dealer that is a body corporate:
(A) an officer of the body corporate;
(B) a partner, employer or employee of an officer of the body corporate; or
(C) a partner or employee of an employee of an officer of the body corporate.
(3) Subject to this section, a firm shall not:
(a) consent to be appointed as auditor of a dealer;
(b) act as auditor of a dealer; or
(c) prepare a report required by this Act to be prepared by an auditor of a dealer;
unless:
(d) at least one member of the firm is a registered company auditor who is ordinarily resident in a State or Territory;
(e) where the business name under which the firm is carrying on business is not registered under the Business Names Ordinance 1963—there has been lodged with the Commission a return in the prescribed form showing, in relation to each member of the firm, his full name and his address as at the time when the firm so consents, acts or prepares a report;
(f) no member of the firm, and no body corporate in which any member of the firm is a substantial shareholder within the meaning of Division 4 of Part IV of the Companies Act 1981, or the provisions of the law of a participating State or of a participating Territory that correspond with that Division, is indebted in an amount exceeding $5,000 to the dealer or, where the dealer is a body corporate, to a related body corporate;
(g) no member of the firm is:
(i) in the case of a dealer who is a natural person—a partner or employee of the dealer; or