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Section 250RA(1) and (3) Corporations Act 2001
Auditor Required to Attend Listed Company’s AGM

Section 250RA(1) and (3) of the Corporations Act 2001 (Cth) is ‘Auditor Required to Attend Listed Company’s AGM’ and is extracted below.

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The Legislation

Section 250RA(1) and (3) of the Corporations Act 2001 (Cth) is Auditor Required to Attend Listed Company’s AGM and reads as follows:

Auditor Required to Attend Listed Company’s AGM

(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 audit 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.

(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 audit 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.

The penalties                                                                                                              

The maximum penalty for the offence of Auditor Required to Attend Listed Company’s AGM is:

20 penalty units (a Commonwealth penalty unit is currently $210).

However, it should be kept in mind that maximum penalties are reserved for the most serious cases.

Your legal team will be able to advise you of the essential elements the prosecution would need to prove in order to establish the offence, whether those elements are capable of being established in your particular situation, the most effective and efficient way forward and the likely outcome.

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Where issues are found, our lawyers will write to the prosecution asking to have the charges dropped on this basis – often sparing our clients the considerable time and expense associated with defended hearings.

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Our senior lawyers are highly skilled advocates who have been recognised for their expert knowledge of the criminal law, as well as their ability to obtain excellent results in difficult cases.

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