4.1. Effect of breach of AUD

In circumstances where an Auditor or an Audit Principal breaches these AUD Rules the AFSA may:

• (a) modify the terms of, suspend or withdraw the Licence of the Auditor as an Ancillary Service Provider; and/or
• (b) require the Registrar of Companies to modify the terms of, suspend or withdraw the registration of the Auditor.

Guidance: Consequences of breach of AUD Rules

(1) GEN 1.3.6 outlines the circumstances in which the AFSA may withdraw the Licence of an Ancillary Service Provider.

(2) Section 134 of the Companies Regulations provides that the Registrar of Companies may impose restrictions on the Auditor's registration, vary or withdraw any restrictions or conditions imposed on the registration, or suspend or withdraw the Auditor's registration.