Document ID: chunk:federal_register_of_legislation:C2004A01334:clause:1_225a:p1
Version: federal_register_of_legislation:C2004A01334
Segment Type: clause
Provision Reference: sch 1 cl 225A (pt 1/2)
Character Range: 22143–24815

225A  Financial Reporting Council's information gathering powers

 (1) The Chair of the FRC, acting on behalf of the FRC, may give a professional accounting body a written notice requiring the body to give the FRC:
 (a) a copy of:
 (i) a code of professional conduct of the body; or
 (ii) a proposed code of professional conduct of the body; or
 (iii) a proposed amendment of a code of professional conduct of the body; or
 (b) information about the body's planning or performance of quality assurance reviews; or
 (c) details of the body's investigation or disciplinary procedures.

 (2) The notice may require the body to give the FRC information under paragraph (1)(b) or (c) only to the extent to which the information relates to audit work done by Australian auditors.

 (3) A professional accounting body has qualified privilege in respect of a disclosure made by the body in response to a notice given to the body under subsection (1).

 (4) A person has qualified privilege in respect of a disclosure made by the person, on behalf of a professional accounting body, in response to a notice given to the professional body under subsection (1).

 (5) The Chair of the FRC, acting on behalf of the FRC, may give an Australian auditor a written notice requiring the auditor to give the FRC information about, or documents or copies of documents that relate to, one or more of the following:
 (a) one or more audits conducted by the auditor or in which the auditor participated;
 (b) the measures the auditor adopted, or the procedures the auditor put in place, to ensure that the auditor was, and continues to be, independent of entities it audits;
 (c) any other matter prescribed by the regulations for the purposes of this paragraph.
Without limiting this, the documents may be audit working papers.

Note: A person responding to a notice under this subsection has qualified privilege in respect of the response (see section 1289 of the Corporations Act).

 (6) Without limiting subsection (5), the notice:
 (a) may require the Australian auditor to give the FRC information or a document even if doing so would involve a breach of an obligation of confidentiality that the auditor owes an audited body; and
 (b) may require that a copy of a document to be given to the FRC must be certified by a particular person or a person holding a particular office or position.

 (7) The notice under subsection (1) or (5) must specify:
 (a) the information or documents the professional accounting body or Australian auditor must give; and
 (b) the period within which the body or auditor must give the information or documents.
The period specified under paragraph (b) must