Corporations Act. Australia
(ii) a non‑audit services provider; and
(b) the debt is incurred in the ordinary course of business of the body corporate or entity.
(6A) For the purposes of item 16 in the table in subsection (1), disregard an amount owed under a loan to a person or firm by the audited body, a related body corporate or an entity that the audited body controls if:
(a) the body, body corporate or entity is an Australian ADI; and
(b) the amount is deposited in a basic deposit product (within the meaning of section 761A) provided by the body, body corporate or entity; and
(c) the amount was deposited, in the ordinary course of business of the audited body, body corporate or entity, on the terms and conditions that would normally apply to a basic deposit product provided by the body, body corporate or entity.
Ordinary commercial guarantee exception
(8) For the purposes of item 19 of the table in subsection (1), disregard any guarantee that:
(a) is made or given in the ordinary course of the business of:
(i) the audited body; or
(ii) the related body corporate; or
(iii) the controlled entity; and
(b) is made or given on the terms and conditions that would normally apply to a guarantee made or given by the audited body, the related body corporate or the controlled entity.
Future debts and liabilities
(8A) In this section:
(a) a reference to a debt or amount that is owed by one entity to another entity includes a reference to a debt or amount that will (or may) be owed by the first entity to the other entity under an existing agreement between the entities; and
(b) a reference to a liability under a guarantee of a loan includes a reference to a liability that will arise under the guarantee if the loan is not repaid.
Relevant financial year
(9) In this section:
relevant financial year, in relation to audit activities undertaken in relation to an audit or review of a financial report for a financial year or an audit or review of a financial report for a half‑year in a financial year, means the financial year immediately before that financial year.
324CI Special rule for retiring partners of audit firms and retiring directors of authorised audit companies
A person contravenes this section if:
(a) the person ceases to be:
(i) a member of an audit firm; or
(ii) a director of an audit company;
at a particular time (the departure time); and
(b) at any time before the departure time, the audit firm or audit company has engaged in an audit of an audited body; and
(c) the person was a professional member of the audit team for the audit; and
(d) within the period of 2 years starting on the date the report under section 308 or 309 was made on the latest audit to which paragraphs (b) and (c) apply, the person becomes, or continues to be, an officer of the audited body; and
(e) the audited body is not a small proprietary company for the most recently ended financial year.
If the audited body is a listed entity (other than a registered scheme), apply paragraph (d) as if references in that paragraph to the audited body included references to a related body corporate of the audited body.
324CJ Special rule for retiring professional member of audit company
A person contravenes this section if:
(a) the person who is not a director of an audit company ceases to be a professional employee of the audit company at a particular time (the departure time); and
(b) at any time before the departure time, the audit company has engaged in an audit of an audited body; and
(c) the person was a lead auditor or review auditor for the audit; and
(d) within the period of 2 years starting on the date the report under section 308 or 309 was made on the latest audit to which paragraphs (b) and (c) apply, the person becomes, or continues to be, an officer of the audited body; and
(e) the audited body is not a small proprietary company for the most recently ended financial year.
If the audited body is a listed entity (other than a registered scheme), apply paragraph (d) as if references in that paragraph to the audited body included references to a related body corporate of the audited body.
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) the audited body is not a small proprietary company 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
324CL People who are regarded as officers of a company for the purposes of this Division
(1) For the purposes of this Division, a person is taken to be an officer of a company if:
(a) the person is an officer of:
(i) a related body corporate; or
(ii) an entity that the company controls; or
(b) the person has, at any time within the immediately preceding period of 12 months, been an officer or promoter of:
(i) the company; or
(ii) a related body corporate; or
(iii) an entity that the company controlled at that time.
(2) Paragraph (b) does not apply if ASIC directs that it does not apply in relation to the person in relation to the company. ASIC may give the direction only if ASIC thinks that it is appropriate to do so in the circumstances of the case.
(3) For the purposes of this Division, a person is not taken to be an officer of a company by reason only of being, or having been, the liquidator of:
(a) the company; or
(b) a related body corporate; or
(c) an entity that the company controls or has controlled.
(4) For the purposes of this Division, a person is not taken to be an officer of a company merely because of one or more of the following:
(a) having been appointed as auditor of:
(i) the company; or
(ii) a related body corporate; or
(iii)