Document ID: chunk:federal_register_of_legislation:C2016A00079:clause:2_255g
Version: federal_register_of_legislation:C2016A00079
Segment Type: clause
Provision Reference: sch 2 cl 255G
Character Range: 49751–51316

255G  Cancellation and suspension of registration—general
 (1) The Commissioner may cancel, or suspend for a specified period, the registration of a person as an auditor if the Commissioner is satisfied that the person:
 (a) has failed to carry out his or her duties under this Act; or
 (b) has not performed any audit work, or 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
 (c) is otherwise not a fit and proper person to remain registered as an auditor.
 (2) In determining for the purposes of paragraph (1)(b) whether audit work performed by a person is significant, the Commissioner must 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.
 (3) The Commissioner may cancel, or suspend for a specified period, the registration of a person as an auditor if the person requests that his or her registration be cancelled or suspended for that period.
 (4) If the Commissioner cancels, or suspends for a specified period, the registration of a person as an auditor under subsection (1), the Commissioner must notify the Australian Securities and Investments Commission of the cancellation or suspension and the reasons for it.
 (5) The regulations may make further provision for and in relation to the suspension of the registration of a person as an auditor.