Document ID: chunk:federal_register_of_legislation:C2004A01334:clause:1_307b:p2
Version: federal_register_of_legislation:C2004A01334
Segment Type: clause
Provision Reference: sch 1 cl 307B (pt 2/2)
Character Range: 45305–47012

bears an evidential burden in relation to the matters in this subsection, see subsection 13.3(3) of the Criminal Code.

Earlier retention date for audit working papers

 (6) ASIC may, on application by a person, determine, in writing, an earlier date for the audit working papers for the purposes of paragraphs (1)(c) and (3)(b) if:
 (a) the auditor is an individual auditor and the auditor:
 (i) dies; or
 (ii) ceases to be a registered company auditor; or
 (b) the auditor is an audit firm and the firm is dissolved (otherwise than simply as part of a reconstitution of the firm because of the death, retirement or withdrawal of a member or members or because of the admission of a new member or members); or
 (c) the auditor is an audit company and the company:
 (i) is wound up; or
 (ii) ceases to be an authorised audit company.

 (7) In deciding whether to make a determination under subsection (6), ASIC must have regard to:
 (a) whether ASIC is inquiring into or investigating any matters in respect of:
 (i) the auditor; or
 (ii) the audited body for the audit to which the documents relate; and
 (b) whether the professional accounting bodies have any investigations or disciplinary action pending in relation to the auditor; and
 (c) whether civil or criminal proceedings in relation to:
 (i) the conduct of the audit; or
 (ii) the contents of the financial report to which the audit working papers relate;
  have been, or are about to be, commenced; and
 (d) any other relevant matter.

Audit working papers kept in electronic form

 (8) For the purposes of this section, if audit working papers are in electronic form they are taken to be retained only if they are convertible into hard copy.