CORPORATIONS ACT 2001 - SECT 250RA Auditor required to attend listed company's AGM

CORPORATIONS ACT 2001 - SECT 250RA

Contravention by individual auditor

  (1)   If a listed company's auditor for a financial year is an individual auditor, the auditor contravenes this subsection if:

  (a)   the auditor does not attend the company's AGM at which the auditor's report for that financial year is considered; and

  (b)   the auditor does not arrange to be represented, at that AGM, by a person who:

  (i)   is a suitably qualified member of the audit team that conducted the audit; and

  (ii)   is in a position to answer questions about the audit.

  (2)   An offence based on subsection   (1) is an offence of strict liability.

Note:   For strict liability , see section   6.1 of the Criminal Code .

Contravention by lead auditor

  (3)   A person contravenes this subsection if:

  (a)   a listed company's auditor for a financial year is an audit firm or an audit company; and

  (b)   the person is the lead auditor for the audit; and

  (c)   the person is not represented, at the AGM at which the auditor's report for that financial year is considered, by a person who:

  (i)   is a suitably qualified member of the audit team that conducted the audit; and

  (ii)   is in a position to answer questions about the audit.

  (4)   An offence based on subsection   (3) is an offence of strict liability.

Note:   For strict liability , see section   6.1 of the Criminal Code .