Document ID: chunk:federal_register_of_legislation:C2004A01334:clause:1_324cj
Version: federal_register_of_legislation:C2004A01334
Segment Type: clause
Provision Reference: sch 1 cl 324CJ
Character Range: 161420–162338

324CJ  Special rule for retiring professional member of audit company

  A person contravenes this section if:
 (a) the person who is not a director of an audit company ceases to be a professional employee of the audit company at a particular time (the departure time); and
 (b) at any time before the departure time, the audit company has engaged in an audit of an audited body; and
 (c) the person was a lead auditor or review auditor 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.