Audit relief
This page contains information on the different types of relief available to auditors and how to make an application for relief.
Auditor rotation for listed companies
The Auditor rotation requirements for listed companies are contained in Division 5 Part 2M.4 of the Corporations Act 2001 (Corporations Act).
Generally, an individual auditor or authorised audit company must not play a significant role (such as lead auditor, review auditor or a registered company auditor individually appointed as the auditor of the audited body) in the audit of a particular listed company or listed registered scheme for more than 5 successive financial years. The auditor must have at least 2 successive financial years break.
The rotation requirements do not apply to the auditor of the compliance plan for a registered managed investment scheme appointed under s601HG of the Corporations Act. The auditor rotation requirements are primarily aimed at maintaining the independence and objectivity of the auditor, by reducing familiarity threat through long associations with key auditors.
Regulatory Guide 187 Auditor rotation provides guidance about how ASIC will exercise the relief power in s342A of the Corporations Act:
Regulatory Guide 187 Auditor rotation (RG 187)
How to apply for relief
Before applying for relief, read RG 51:
Regulatory Guide 51 Applications for relief (RG 51)
The application must be in writing and signed by the applicant. Under s342A, an application for relief may be made by:
- a registered company auditor (RCA), or
- an audit firm or authorised audit company (AAC) on whose behalf the RCA acts or would act for the audit(s).
An audited body cannot apply for relief.
For more information, see Apply for relief.
More guidance about auditor relief
Appointment of auditors
Regulatory Guide 115 Audit relief for proprietary companies (RG 115)
Regulatory Guide 43 Financial reports and audit relief (RG 43)
Removal and resignation of auditors
Regulatory Guide 43 Financial reports and audit relief (RG 43)
Audit relief for proprietary companies
Regulatory Guide 115 Audit relief for proprietary companies (RG 115)
ASIC Corporations (Audit Relief) Instrument 2016/784 (Legislation.gov.au)
Relief from corporate finance provisions (including provisions relating to financial reporting, fundraising/equities, mergers and acquisitions, debentures or transactions affecting share capital)