Section 324CM(1), (2) and (3) of the Corporations Act 2001 (Cth) is ‘Deliberately Disqualifying Auditor’ and is extracted below.
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Section 324CM(1), (2) and (3) of the Corporations Act 2001 (Cth) is Deliberately Disqualifying Auditor and reads as follows:
Deliberately Disqualifying Auditor
(1) An individual contravenes this subsection if:
(a) the individual is appointed auditor of a company or registered scheme; and
(b) while the appointment continues, the individual brings about a state of affairs; and
(c) the individual cannot, while that state of affairs continues, act as auditor of the company or scheme without contravening Division 2 or 3.
(2) A member of a firm contravenes this subsection if:
(a) the firm is appointed auditor of a company or a registered scheme; and
(b) while the appointment continues, the member brings about a state of affairs; and
(c) the firm cannot, while that state of affairs continues, act as auditor of the company or scheme without a person contravening Division 2 or 3.
(3) A person who is:
(a) a member of a company; or
(b) a director of a company; or
(c) a lead auditor in relation to an audit conducted by a company;
contravenes this subsection if:
(d) the company is appointed auditor of a company or a registered scheme; and
(e) while the appointment continues, the person brings about a state of affairs; and
(f) the company cannot, while that state of affairs continues, act as auditor of the company or scheme without contravening Division 2 or 3.
The maximum penalty for the offence of Deliberately Disqualifying Auditor is:
6 months imprisonment.
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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