Document ID: chunk:federal_register_of_legislation:C2025C00185:section:324ck
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 324CK
Character Range: 1276274–1277505

324CK  Multiple former audit firm partners or audit company directors
  A person contravenes this section if:
 (a) an audit firm, or audit company, is an auditor of an audited body for a financial year; and
 (b) the person has at any time been a member of the audit firm or a director of the audit company; and
 (c) the person becomes an officer of the audited body within a period of 5 years after the person ceased (or last ceased) to be a member of the audit firm or a director of the audit company (as the case may be); and
 (d) at the time when paragraph (c) is satisfied another person who is or who also has at any time been a member of the audit firm, or a director of the audit company, at a time when the audit firm, or audit company, undertook an audit of the audited body is also an officer of the audited body; and
 (e) subsection 324CH(3A) (about small proprietary companies) does not apply to the audited body for the most recently ended financial year.
If the audited body is a listed entity (other than a registered scheme), apply paragraphs (c) and (d) as if references in those paragraphs to the audited body included references to a related body corporate of the audited body.

Subdivision C—Common provisions