5.1.1. Power to suspend or withdraw registration

The AFSA may:

(a) suspend the registration of an Audit Principal on its own initiative; or

(b) withdraw the registration of an Audit Principal on its own initiative or at the request of an Auditor or an Audit Principal.

5.1.2. Conditions on suspension of registration

If the AFSA suspends the registration of an Audit Principal, it may impose such conditions on the Audit Principal as it sees fit during the period of the suspension, and requirements on the procedure for lifting the suspension as it considers appropriate.

5.3.1. Procedure for requesting withdrawal of registration

A request for withdrawal of an Audit Principal’s registration by the relevant Auditor or Audit Principal must be made in writing to the AFSA.

5.3.2. Criteria for granting withdrawal of registration

Before granting a request for withdrawal of an Audit Principal's registration, the AFSA must first be satisfied that:

• (a) the Auditor is able to continue to comply with AUD 3.1.2; and
• (b) any other matter which the AFSA would reasonably expect to be resolved has been resolved.

5.3.3. Notification by AFSA to the Registrar of Companies

If the AFSA makes a decision under AUD 5.1.1, it will notify the Companies Registrar of such decision and require the Companies Registrar to update the register of Auditors and Audit Principals.