Entire Act

3. CONTINUING OBLIGATIONS

3.1. Continuing obligations of Auditors

3.1.1. Ongoing compliance with standards and legislation

An Auditor must comply on a continuing basis with:

3.1.2. Requirement to maintain an Audit Principal

An Auditor must at all times have at least one individual appointed by it and registered by the AFSA and the Registrar of Companies to undertake the responsibilities of an Audit Principal.

3.1.3. Demonstration of audit work

The AFSA may require an Auditor which has not recently conducted any audit work under its Licence and registration to provide other examples of audit work it has carried out in order to demonstrate that it is still able to meet its continuing obligations.

3.2. Continuing obligations of Audit Principals

An Audit Principal must comply on a continuing basis with:

  • (a) the registration criteria in AUD 2.2; and
  • (b) the principles for Audit Principals set out in AUD 7.2.