Meaning of professional member—audit team
If an individual auditor, audit firm or audit company conducts an audit of a company or registered scheme, a person who is any of the following is a professional member of the audit team for the audit: (a) a registered company auditor who participates in the conduct of the audit; (b) a person who participates in the conduct of the audit and, in the course of doing so, exercises professional judgement in relation to the application of or compliance with: (i) accounting standards; or (ii) auditing standards; or (iii) the provisions of this Act dealing with financial reporting and the conduct of audits; and (c) a person who is in a position to directly influence the outcome of the audit because of the role they play in the design, planning, management, supervision or oversight of the audit; (d) a person who recommends or decides what the lead auditor is to be paid in connection with the performance of the audit; (e) a person who provides, or takes part in providing, quality control for the audit.
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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