Document ID: chunk:federal_register_of_legislation:C2025C00185:section:601hg:p3
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 601HG (pt 3/4)
Character Range: 2299617–2302311

any person, to otherwise interfere with the proper conduct of the audit; and
 (c) if subparagraph (b)(i) applies:
 (i) the contravention is a significant one; or
 (ii) the contravention is not a significant one and the person believes that the contravention has not been or will not be adequately dealt with by commenting on it in the auditor's report or bringing it to the attention of the directors; and
 (d) the person does not notify ASIC in writing of those circumstances as soon as practicable, and in any case within 28 days, after the person becomes aware of those circumstances.
 (5) The auditor of the compliance plan:
 (a) has a right of access at all reasonable times to the books of the scheme; and
 (b) may require an officer of the responsible entity to give the auditor information and explanations for the purposes of the audit.
 (6) An officer of the responsible entity must:
 (a) allow the auditor of the compliance plan to have access to the books of the scheme; and
 (b) give the auditor information or an explanation required under subsection (5); and
 (c) otherwise assist the conduct of the audit.
 (7) The responsible entity must lodge the auditor's report under subsection (3) with ASIC at the same time as the financial statements and reports in respect of the scheme are to be lodged with ASIC (see sections 292 and 321).
 (7A) An offence based on subsection (1), (3), (6) or (7) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
 (8) The auditor of the compliance plan has qualified privilege in respect of:
 (a) a statement made in a report under subsection (3); or
 (b) a notification to ASIC under subsection (4).
 (9) This section does not prevent the responsible entity from arranging for the auditor of the compliance plan to carry out audits in addition to those required by this section.

Significant contraventions
 (10) In determining for the purposes of this section whether a contravention of this Act is a significant one, have regard to:
 (a) the level of penalty provided for in relation to the contravention; and
 (b) the effect that the contravention has, or may have, on:
 (i) the overall financial position of the company, registered scheme, notified foreign passport fund or disclosing entity; or
 (ii) the adequacy of the information available about the overall financial position of the company, registered scheme, notified foreign passport fund or disclosing entity; and
 (c) any other relevant matter.
 (11) Without limiting paragraph (10)(a), a penalty provided for in relation to a contravention of a provision of Part 2M.2 or 2M.3, or section 324DAA, 324DAB or 324DAC, includes a penalty