Document ID: chunk:federal_register_of_legislation:C2025C00185:section:601hg:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 601HG (pt 1/4)
Character Range: 2294728–2297445

601HG  Audit of compliance plan
 (1) The responsible entity of a registered scheme must ensure that at all times a registered company auditor, an audit firm or an authorised audit company is engaged to audit compliance with the scheme's compliance plan in accordance with this section. This auditor, firm or company is referred to as the auditor of the compliance plan.
 (2) A person is not eligible to act as the individual auditor, lead auditor or review auditor of the compliance plan if the person is:
 (a) an associate of the responsible entity; or
 (b) an agent holding scheme property on behalf of the responsible entity or an associate of an agent of that kind; or
 (c) the auditor of the responsible entity's financial statements.
 (2A) However:
 (a) the auditor of the compliance plan and the auditor of the responsible entity's financial statements may work for the same firm of auditors or audit company; and
 (b) the lead auditor or review auditor of the compliance plan (on the one hand) and the lead auditor or review auditor of the responsible entity's financial statements (on the other hand) may work for the same firm of auditors or audit company.
 (3) Within 3 months after the end of a financial year of the scheme, the auditor of the compliance plan must:
 (a) examine the scheme's compliance plan; and
 (b) carry out:
 (i) if the scheme has only had one responsible entity during the financial year—an audit of the responsible entity's compliance with the compliance plan during the financial year; or
 (ii) if the scheme has had more than one responsible entity during the financial year—an audit of each responsible entity's compliance with the compliance plan during that part of the financial year when it was the scheme's responsible entity; and
 (c) give to the scheme's current responsible entity a report that states whether, in the auditor's opinion:
 (i) the responsible entity, or each responsible entity, complied with the scheme's compliance plan during the financial year or that part of the financial year when it was the scheme's responsible entity; and
 (ii) the plan continues to meet the requirements of this Part.

Contravention by individual auditor
 (4) An individual auditor conducting an audit of a compliance plan contravenes this subsection if:
 (a) the auditor is aware of circumstances that:
 (i) the auditor has reasonable grounds to suspect amount to a contravention of this Act; or
 (ii) amount to an attempt, in relation to the audit, by any person to unduly influence, coerce, manipulate or mislead a person involved in the conduct of the audit (see subsection (12)); or
 (iii) amount to an attempt, by any person, to otherwise interfere with the proper conduct