Corporations Act. Australia
the receipt of a notice of resignation from an auditor of a registered scheme;
the responsible entity must lodge with ASIC a notice of the removal or resignation in the prescribed form.
331AD Effect of winding up on office of auditor
An auditor of a registered scheme ceases to hold office if:
(a) the scheme’s constitution provides that the scheme is to be wound up at a specified time, in specified circumstances or on the happening of a specified event, and that time is reached, those circumstances occur or that event occurs; or
(b) the members pass a resolution directing the responsible entity to wind up the scheme; or
(c) the Court makes an order directing the responsible entity to wind up the scheme; or
(d) the members pass a resolution to remove the responsible entity but do not, at the same meeting, pass a resolution choosing a company to be the new responsible entity that consents to becoming the scheme’s responsible entity.
Subdivision C — Fees and expenses of auditors
331AE Fees and expenses of auditors
The reasonable fees and expenses of an auditor of a registered scheme are payable by the responsible entity.
Part 2M.4A — Annual transparency reports for auditors
332 Meaning of transparency reporting auditor and transparency reporting year
(1) A transparency reporting auditor is:
(a) an individual auditor; or
(b) an audit firm; or
(c) an authorised audit company.
(2) A transparency reporting year is a period of 12 months starting on 1 July.
332A Transparency reporting auditors must publish annual transparency reports
(1) This section applies if, during a transparency reporting year, a transparency reporting auditor conducts audits, under Division 3 of Part 2M.3, of 10 or more bodies of any of the following kinds:
(a) listed companies;
(b) listed registered schemes;
(c) ADIs (authorised deposit‑taking institutions) within the meaning of the Banking Act 1959;
(d) bodies mentioned in paragraph (c) or (e) of the definition of body regulated by APRA in subsection 3(2) of the Australian Prudential Regulation Authority Act 1998;
(e) bodies prescribed by the regulations for the purposes of this paragraph.
Note: The 10 or more bodies do not all have to be of the same kind. This section applies (for example) if, during the year, the transparency reporting auditor conducts audits of 6 listed companies and 4 listed registered schemes.
(2) The auditor must publish an annual transparency report for the transparency reporting year, containing the information required by section 332B, on the auditor’s website within the period of 4 months after the end of the year (or that period as extended under section 332C).
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).
(3) The auditor must lodge a copy of the report with ASIC on or before the day it is first published on the auditor’s website.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).
(4) An offence based on subsection (2) or (3) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
332B Content of annual transparency report
(1) Subject to subsection (2), an annual transparency report must contain the information prescribed by the regulations.
(2) The report may omit information that would otherwise be included under subsection (1) if the inclusion of the information is likely to result in unreasonable prejudice to the transparency reporting auditor. If material is omitted, the report must say so.
332C Extension of period for publication of annual transparency report
(1) On an application made by a transparency reporting auditor in accordance with subsection (3), ASIC may make an order extending the period within which the auditor must publish an annual transparency report.
(2) The order may be expressed to be subject to conditions.
(3) The application must be:
(a) in writing; and
(b) lodged with ASIC before the end of the period within which the auditor would otherwise be required to publish the report; and
(c) if the auditor is an individual auditor — signed by the auditor; and
(d) if the auditor is an audit firm — signed by a member of the firm who is a registered company auditor both:
(i) in the firm name; and
(ii) in the member’s own name; and
(e) if the auditor is an audit company:
(i) authorised by a resolution of the directors; and
(ii) signed by a director.
(4) ASIC must give the auditor written notice of the making of the order.
332D Exemption orders — applications by transparency reporting auditors
(1) On an application made by a transparency reporting auditor in accordance with subsection (3), ASIC may make an order in writing relieving the auditor from compliance with all or specified requirements of sections 332A and 332B.
Note: For the criteria for making orders under this section, see section 332F.
(2) The order may:
(a) be expressed to be subject to conditions; and
(b) be indefinite or limited to a specified period.
(3) The application must be:
(a) in writing; and
(b) lodged with ASIC; and
(c) if the auditor is an individual auditor — signed by the auditor; and
(d) if the auditor is an audit firm — signed by a member of the firm who is a registered company auditor both:
(i) in the firm name; and
(ii) in the member’s own name; and
(e) if the auditor is an audit company:
(i) authorised by a resolution of the directors; and
(ii) signed by a director.
(4) ASIC must give the auditor written notice of the making or revocation of the order.
332E Exemption orders — class orders for transparency reporting auditors
(1) ASIC may, by legislative instrument, make an order in respect of a specified class of transparency reporting auditors relieving the auditors from all or specified requirements of sections 332A and 332B.
Note: For the criteria for making orders under this section, see section 332F.
(2) The order may:
(a) be expressed to be subject to conditions; and
(b) be indefinite or limited to a specified period.
332F Exemption orders — criteria for orders