Document ID: chunk:federal_register_of_legislation:C2025C00185:section:324ca:p2
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 324CA (pt 2/3)
Character Range: 1201099–1203840

331AAA(2A) or (2C) (registered scheme); or
(d) subsection 331AH(3) or (5) (registrable superannuation entity).
 (1B) A person is not excused from informing ASIC under subsection (1A) that a conflict of interest situation exists on the ground that the information might tend to incriminate the person or expose the person to a penalty.
 (1C) However, if the person is a natural person:
 (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 the individual auditor or audit company gives ASIC a notice under paragraph (1A)(d), ASIC must, as soon as practicable after the notice has been received, give a copy of the notice to the audited body.

Conflict of interest situation of which individual auditor or audit company is not aware
 (2) An individual auditor or audit company contravenes this subsection if:
 (a) the individual auditor or audit company 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) at that time:
 (i) in the case of an individual auditor—the individual auditor is not aware that the conflict of interest situation exists; or
 (ii) in the case of an audit company—the audit company is not aware that the conflict of interest situation exists; and
 (d) the individual auditor or the audit company would have been aware of the existence of the conflict of interest situation at that time if the individual auditor or audit company had had in place a quality control system reasonably capable of making the individual auditor or audit company aware of the existence of such a conflict of interest situation.
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 element of the offence specified in paragraph (2)(b).
Note 1: For strict liability, see section 6.1 of the Criminal Code.
Note 2: Subsections (4) and (5) provide defences.
 (4) An individual auditor does not commit an offence because of a contravention of subsection (2) in relation to audit activity engaged in by the auditor at a particular time if the individual auditor has reasonable grounds to believe that the individual auditor had in place at that time a quality control system that provided reasonable assurance (taking into account the size and nature of the audit practice of the individual auditor) that the individual auditor and the individual auditor's employees