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Section 324CC(1) Corporations Act 2001
General Requirement for Auditor Independence Director of Audit Company

Section 324CC(1) of the Corporations Act 2001 (Cth) is ‘General Requirement for Auditor Independence Director of Audit Company’ and is extracted below.

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The Legislation

Section 324CC(1) of the Corporations Act 2001 (Cth) is General Requirement for Auditor Independence Director of Audit Company and reads as follows:

General Requirement for Auditor Independence Director of Audit Company

Contravention by director of audit company

(1) A person (the defendant ) contravenes this subsection if:

(a) an audit company engages in audit activity in relation to an audited body at a particular time; and

(b) a conflict of interest situation exists in relation to the audited body at that time; and

(c) the defendant is a director of the audit company at that time; and

(d) the defendant is or becomes aware of the circumstances referred to in paragraphs (a) and (b); and

(e) the defendant does not, as soon as possible after the defendant becomes aware of those circumstances, take reasonable steps to ensure that the conflict of interest situation ceases to exist.

Note 1: For conflict of interest situation , see section 324CD.

Note 2: The audit company itself will commit an offence based on the contravention of subsection 324AA(1).

The penalties                                                                                                              

The maximum penalty for the offence of General Requirement for Auditor Independence Director of Audit Company 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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Choosing the right legal team to defend your reputation and interests can be a difficult process.

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At Sydney Criminal Lawyers®, we have extensive experience defending and winning some of the most complex criminal matters – so you can rest assured that you are in safe hands.

Our criminal law specialists will take the time in every case to carefully scrutinise all the evidence in order to identify problems with the prosecution case at an early stage in the proceedings.

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.

However, should your matter proceed to court, our senior lawyers will represent you and present a strong defence case to maximise your chances of being found ‘not guilty.’

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.

We can assist you in avoiding the harsh penalties imposed by the law if you simply wish to plead guilty – in these cases, our experienced advocates can prepare and present compelling sentencing submissions which focus on any positive factors of your case.

For the best defence in your case, get the experts on your side today. Call us now on (02) 9261 8881 and book your FREE first conference with our criminal law specialists.

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