Section 324CI of the Corporations Act 2001 (Cth) is ‘Special Rule for Retiring Partners of Audit Firms and Retiring Directors of Authorised Audit Companies’ and is extracted below.
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Section 324CI of the Corporations Act 2001 (Cth) is Special Rule for Retiring Partners of Audit Firms and Retiring Directors of Authorised Audit Companies and reads as follows:
Special Rule for Retiring Partners of Audit Firms and Retiring Directors of Authorised Audit Companies
A person contravenes this section if:
(a) the person ceases to be:
(i) a member of an audit firm; or
(ii) a director of an audit company;
at a particular time (the departure time) ; and
(b) at any time before the departure time, the audit firm or audit company has engaged in an audit of an audited body; and
(c) the person was a professional member of the audit team for the audit; and
(d) within the period of 2 years starting on the date the report under section 308 or 309 was made on the latest audit to which paragraphs (b) and (c) apply, the person becomes, or continues to be, an officer of the audited body; and
(e) subsection 324CH(3A) (about small proprietary companies) does not apply to the audited body for the most recently ended financial year.
If the audited body is a listed entity (other than a registered scheme), apply paragraph (d) as if references in that paragraph to the audited body included references to a related body corporate of the audited body.
The maximum penalty for the offence of Special Rule for Retiring Partners of Audit Firms and Retiring Directors of Authorised Audit Companies 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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