Document ID: chunk:federal_register_of_legislation:C2023A00029:clause:6_129a:p1
Version: federal_register_of_legislation:C2023A00029
Segment Type: clause
Provision Reference: sch 6 cl 129A (pt 1/3)
Character Range: 139337–142051

129A  Obligations of lead auditors—compliance

Contravention by RSE audit company
 (1) An RSE audit company conducting an audit of a registrable superannuation entity contravenes this subsection if:
 (a) the lead auditor for the audit forms the opinion that it is likely that a contravention of any of the following may have occurred, may be occurring, or may occur, in relation to the entity:
 (i) this Act, the regulations or the prudential standards;
 (ii) the Financial Sector (Collection of Data) Act 2001;
 (iii) a provision of the Corporations Act 2001 listed in a subparagraph of paragraph (b) of the definition of regulatory provision in section 38A of this Act or specified in regulations made for the purposes of subparagraph (b)(xvi) of that definition, as it applies in relation to superannuation interests; and
 (b) the lead auditor formed the opinion in the course of, or in connection with, the performance by the RSE audit company of audit functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity; and
 (c) the lead auditor does not, immediately after the lead auditor forms the opinion:
 (i) tell a trustee of the entity about the matter in writing; and
 (ii) if the contravention about which the lead auditor has formed the opinion is of such a nature that it may affect the interests of members or beneficiaries of the entity—tell the Regulator about the matter in writing.

Contravention by member of RSE audit firm
 (2) A member of an RSE audit firm conducting an audit of a registrable superannuation entity contravenes this subsection if:
 (a) the lead auditor for the audit forms the opinion that it is likely that a contravention of any of the following may have occurred, may be occurring, or may occur, in relation to the entity:
 (i) this Act, the regulations or the prudential standards;
 (ii) the Financial Sector (Collection of Data) Act 2001;
 (iii) a provision of the Corporations Act 2001 listed in a subparagraph of paragraph (b) of the definition of regulatory provision in section 38A of this Act or specified in regulations made for the purposes of subparagraph (b)(xvi) of that definition, as it applies in relation to superannuation interests; and
 (b) the lead auditor formed the opinion in the course of, or in connection with, the performance by the RSE audit firm of audit functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity; and
 (c) the lead auditor does not, immediately after the lead auditor forms the opinion:
 (i) tell a trustee of the entity about the matter in writing; and