Document ID: chunk:federal_register_of_legislation:C2004A01334:clause:1_124:p1
Version: federal_register_of_legislation:C2004A01334
Segment Type: clause
Provision Reference: sch 1 cl 124 (pt 1/2)
Character Range: 227680–230375

124  Subsection 601HG(4)
Repeal the subsection, substitute:

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 of the audit; and
 (b) if subparagraph (a)(i) applies:
 (i) the contravention is a significant one; or
 (ii) the contravention is not a significant one and the auditor 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
 (c) the auditor does not notify ASIC in writing of those circumstances as soon as practicable, and in any case within 28 days, after the auditor becomes aware of those circumstances.

Contravention by audit company

 (4A) An audit company conducting an audit of a compliance plan contravenes this subsection if:
 (a) the lead auditor for the audit is aware of circumstances that:
 (i) the lead 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 of the audit; and
 (b) if subparagraph (a)(i) applies:
 (i) the contravention is a significant one; or
 (ii) the contravention is not a significant one and the lead auditor 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
 (c) the lead auditor does not notify ASIC in writing of those circumstances as soon as practicable, and in any case within 28 days, after the lead auditor becomes aware of those circumstances.

Contravention by lead auditor

 (4B) A person contravenes this subsection if:
 (a) the person is the lead auditor for an audit of a compliance plan; and
 (b) the person is aware of circumstances that:
 (i) the person 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