Section 342B — Corporations Act 2001 (Cth)

(1) If a registered company auditor plays a significant role in the audit of a company, registered scheme or registrable superannuation entity in reliance on a declaration by ASIC under section 342A, the auditor must give:

(a) the company; or

(b) the responsible entity for the registered scheme; or

(c) the registrable superannuation entity;

written notice of the declaration.

(2) The notice must specify:

(a) the name of the registered company auditor; and

(b) the additional financial years for which the registered company auditor is, because of the declaration under section 342A, eligible to play a significant role in the audit of the company, registered scheme or registrable superannuation entity.

(3) The notice must be given:

(a) as soon as practicable after the declaration is made if the auditor has been appointed before the declaration is made; or

(b) before the auditor is appointed if the declaration is made before the auditor is appointed.

Related sections

• s 342AB — Exemption orders—class orders for non‑auditor members etc.
• s 342AC — Exemption orders—criteria for orders for non‑auditor members etc.
• s 342A — ASIC’s power to modify the operation of section 324DA
• s 342C — Documents to be treated as sustainability reports for certain purposes
• s 343 — Modification by regulations
• s 343A — Minister may apply the Chapter to notified foreign passport funds

Research how courts apply s 342B

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