Document ID: chunk:federal_register_of_legislation:C2025C00185:section:327b:p2
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 327B (pt 2/2)
Character Range: 1301533–1302660

or
 (ii) informed of particular circumstances in relation to the company under subsection 324CF(1A) or 324CG(1A) or (5A); and
 (b) ASIC has not been given a notice on behalf of the audit company, before the notification day (see subsection (2D)), that that conflict of interest situation has, or those circumstances have, ceased to exist before the end of the period (the remedial period) of 21 days, or such longer period as ASIC approves in writing, from the start day.
 (2D) The notification day is:
 (a) the last day of the remedial period; or
 (b) such later day as ASIC approves in writing (whether before or after the remedial period ends).
 (3) A director of a company must take all reasonable steps to comply with, or to secure compliance with, subsection (1).
 (4) If an audit firm ceases to be the auditor of a company under subsection (2) at a particular time, each member of the firm who:
 (a) is taken to have been appointed as an auditor of the company under subsection 324AB(1) or 324AC(4); and
 (b) is an auditor of the company immediately before that time;
ceases to be an auditor of the company at that time.