Document ID: chunk:federal_register_of_legislation:F2017L00454:reg:8
Version: federal_register_of_legislation:F2017L00454
Segment Type: reg
Provision Reference: reg 8
Character Range: 5957–6822

8  Operation of section 256 of the Act
 (1) If the position of auditor of a reporting unit is held by a person who is, or a firm at least one of whose members is, transitionally recognised in relation to the reporting unit:
 (a) the reporting unit is taken to comply with subsection 256(1) of the Act; and
 (b) the requirements of subsection 256(2) of the Act are taken to be satisfied; and
 (c) a reference in subsection 256(5), (6) or (6A) of the Act to a registered auditor is taken to include a reference to a person who is transitionally recognised in relation to the reporting unit.
 (2) A reference in any of the following provisions of the Act to a registered auditor does not include a reference to a person who is transitionally recognised in relation to the reporting unit:
 (a) paragraph 256(3)(a);
 (b) paragraph 256(4)(a);
 (c) paragraph 256(4A)(a).