Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1292:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1292 (pt 1/2)
Character Range: 5423963–5426505

1292  Powers of Board in relation to auditors
 (1) The Board may, if it is satisfied on an application by ASIC or APRA for a person who is registered as an auditor to be dealt with under this section that, before, at or after the commencement of this section:
 (a) the person has:
 (ia) contravened section 324DB; or
 (i) contravened section 1287A; or
 (iaa) failed to comply with a condition of the person's registration as an auditor; or
 (ii) ceased to be resident in Australia or New Zealand; or
 (b) the person either:
 (i) has not performed any audit work during a continuous period of not less than 5 years; or
 (ii) has not performed any significant audit work during a continuous period of not less than 5 years;
  and, as a result, has ceased to have the practical experience necessary for carrying out audits for the purposes of this Act; or
 (d) the person has failed, whether in or outside this jurisdiction, to carry out or perform adequately and properly:
 (i) the duties of an auditor; or
 (ii) any duties or functions required by an Australian law to be carried out or performed by a registered company auditor;
  or is otherwise not a fit and proper person to remain registered as an auditor;
by order, cancel, or suspend for a specified period, the registration of the person as an auditor.
 (1A) In determining for the purposes of subparagraph (1)(b)(ii) whether audit work performed by a person is significant, have regard to:
 (a) the nature of the audit; and
 (b) the extent to which the person was involved in the audit; and
 (c) the level of responsibility the person assumed in relation to the audit.
 (7) The Board must, if it is satisfied on an application by ASIC or APRA for a person who is registered as an auditor to be dealt with under this section:
 (a) that the person is disqualified from managing corporations under Part 2D.6; or
 (b) that the person is incapable, because of mental infirmity, of managing his or her affairs;
by order, cancel the registration of the person as an auditor.
 (9) Where, on an application by ASIC or APRA for a person who is registered as an auditor to be dealt with under this section, the Board is satisfied that the person has failed to carry out or perform adequately and properly any of the duties or functions mentioned in paragraph (1)(d), or is otherwise not a fit and proper person to remain registered as an auditor the Board may deal with the person in one or more of the following ways:
 (a) by admonishing or reprimanding the person;
 (b) by requiring the person