Document ID: chunk:federal_register_of_legislation:C2025C00135:section:88:p1
Version: federal_register_of_legislation:C2025C00135
Segment Type: section
Provision Reference: s 88 (pt 1/2)
Character Range: 182015–184446

88  Obligations of auditors of certain bodies to report to bodies and APRA
 (1) An auditor of a body corporate that is a life company, registered NOHC or subsidiary of a life company or registered NOHC must draw to the attention of the body, or of the directors or an officer of the body, any matter that comes to the attention of the auditor and that the auditor thinks requires action to be taken by the body or its directors:
 (a) to avoid a contravention of this Act, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023; or
 (b) to avoid prejudice to the interests of the owners of policies issued by the body, if it is a life company, or by a life company that is related to the body.
 (2) If an auditor of a body corporate that is a life company, registered NOHC or subsidiary of a life company or registered NOHC thinks:
 (a) that there are reasonable grounds for believing that the body or a director of the body may have contravened this Act or any other law; and
 (b) that the contravention is of such a nature that it may affect significantly the interests of the owners of policies issued by the body, if it is a life company, or by a life company that is related to the body;
the auditor must immediately inform APRA in writing of:
 (c) his or her opinion; and
 (d) the information on which it is based.
 (2A) Subsection (2) does not apply to an auditor of a body corporate that is a life company, registered NOHC or subsidiary of a life company or registered NOHC in relation to a contravention if:
 (a) a director or senior manager of the body informs the auditor that the body has informed APRA in writing of the contravention; and
 (b) the auditor has no reason to disbelieve the director or senior manager.
 (2B) A person commits an offence if:
 (a) the person is a director or senior manager of a body corporate that is a life company, registered NOHC or subsidiary of a life company or registered NOHC; and
 (b) the person knows that:
 (i) there are reasonable grounds for believing that the body or a director of the body may have contravened this Act or any other Act; and
 (ii) the contravention is of such a nature that it may affect significantly the interests of the owners of policies issued by the body, if it is a life company, or by a life company that is related to the body; and
 (c) the person informs an auditor of the body that the body has informed