Document ID: chunk:federal_register_of_legislation:C2004A01334:clause:1_324ci
Version: federal_register_of_legislation:C2004A01334
Segment Type: clause
Provision Reference: sch 1 cl 324CI
Character Range: 160452–161420

324CI  Special rule for retiring partners of audit firms and retiring directors of authorised audit companies

  A person contravenes this section if:
 (a) the person ceases to be:
 (i) a member of an audit firm; or
 (ii) a director of an audit company;
  at a particular time (the departure time); and
 (b) at any time before the departure time, the audit firm or audit company has engaged in an audit of an audited body; and
 (c) the person was a professional member of the audit team for the audit; and
 (d) within the period of 2 years starting at the departure time, the person becomes, or continues to be, an officer of the audited body; and
 (e) the audited body is not a small proprietary company for the most recently ended financial year.
If the audited body is a listed entity (other than a registered scheme), apply paragraph (d) as if references in that paragraph to the audited body included references to a related body corporate of the audited body.