Document ID: chunk:federal_register_of_legislation:C2016A00079:clause:2_96
Version: federal_register_of_legislation:C2016A00079
Segment Type: clause
Provision Reference: sch 2 cl 96
Character Range: 55140–55783

96  Subsection 256(5)
Repeal the subsection, substitute:
 (4A) A company must not accept appointment as auditor of a reporting unit unless:
 (a) at least one director, officer or employee of the company is a registered auditor; and
 (b) no director, officer or employee of the company is an excluded auditor in relation to the reporting unit.
Civil penalty: 200 penalty units.
 (5) An individual who holds the position of auditor of a reporting unit must resign the appointment if the individual:
 (a) ceases to be a registered auditor; or
 (b) becomes an excluded auditor in relation to the reporting unit.
Civil penalty: 200 penalty units.