Document ID: chunk:federal_register_of_legislation:C2025C00185:section:324cb:p2
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 324CB (pt 2/3)
Character Range: 1207476–1210067

ground that the information might tend to incriminate the person or expose the person to a penalty.
 (1C) However:
 (a) the information; and
 (b) the giving of the information;
are not admissible in evidence against the person in a criminal proceeding, or any other proceeding for the recovery of a penalty, other than proceedings for an offence based on the information given being false or misleading.
 (1D) If ASIC is given a notice under paragraph (1A)(e), ASIC must, as soon as practicable after the notice is received, give a copy of the notice to the audited body.

Conflict of interest situation of which another member of audit firm is aware
 (2) A person contravenes this subsection if:
 (a) an audit firm engages in audit activity in relation to an audited body at a particular time; and
 (b) a conflict of interest situation exists in relation to the audited body at the time; and
 (c) the person is a member of the audit firm at that time; and
 (d) at that time, another member of the audit firm is aware that the conflict of interest situation exists; and
 (e) the audit firm does not, as soon as possible after the member referred to in paragraph (d) becomes aware that the conflict of interest situation exists, take all reasonable steps to ensure that the conflict of interest situation ceases to exist.
Note: For conflict of interest situation, see section 324CD.
 (3) For the purposes of an offence based on subsection (2), strict liability applies to the physical elements of the offence specified in paragraphs (2)(a), (b), (d) and (e).
Note 1: For strict liability, see section 6.1 of the Criminal Code.
Note 2: Subsection (6) provides a defence.

Conflict of interest situation of which members are not aware
 (4) A person contravenes this subsection if:
 (a) an audit firm engages in audit activity in relation to an audited body at a particular time; and
 (b) a conflict of interest situation exists in relation to the audited body at the time; and
 (c) the person is a member of the audit firm at that time; and
 (d) at that time none of the members of the audit firm is aware that the conflict of interest situation exists; and
 (e) a member of the audit firm would have been aware of the existence of the conflict of interest situation if the audit firm had in place a quality control system reasonably capable of making the audit firm aware of the existence of such a conflict of interest situation.
Note: For conflict of interest situation, see section 324CD.
 (5) For the purposes of an offence based on subsection (4), strict liability applies to the physical