ASIC has accepted an enforceable undertaking (EU) from Sydney-based auditor Graham Bruce Abbott after he breached auditor rotation requirements. Section 324DA(1) of the Corporations Act states if an individual plays a significant role in an audit of a listed company or listed registered scheme for five (5) successive financial years, the individual is not eligible to continue to play a significant role unless they have not played such a role for at least two (2) successive intervening years. Under the EU, Mr Abbott has agreed to not practice as an auditor for a company or a registered scheme under the Corporations Act.