ASIC has released Consultation Paper 209 Resignation, removal and replacement of auditors: Update to RG 26 (CP 209)

The Consultation Paper seeks views on matters such as whether ASIC should continue to:

• normally consent to the resignation of a public company auditor at the next annual general meeting
• normally consent to the resignation or removal of scheme auditors within one month after lodgement of the annual audit report, and
• continue to give consent only if the entity has obtained a possible replacement auditor.

To assist in making submissions the consultation paper includes a draft updated RG 26 Resignation, removal and replacement of auditors that includes the possible approach to resignation, removal or replacement of auditors of AFS licensees and credit licensee trust accounts.

It also provides additional examples of what may or may not constitute circumstances for early consent to auditor resignation, removal and replacement.