Document ID: chunk:federal_register_of_legislation:C2024C00826:section:104
Version: federal_register_of_legislation:C2024C00826
Segment Type: section
Provision Reference: s 104
Character Range: 219968–221240

104  Auditor to report on certain matters

Requirement for auditor to disclose maters
 (1) If the auditor, in the performance of duties relating to the audit report, becomes aware of a matter referred to in subsection (2), the auditor must, within 7 days after becoming aware of the matter:
 (a) lodge a written report on the matter with ASIC; and
 (b) give a copy of the report to the licensee.
Civil penalty: 5,000 penalty units.

Matters that must be disclosed
 (2) A report must be given in relation to any matter that, in the opinion of the auditor:
 (a) has adversely affected, is adversely affecting or may adversely affect the ability of the licensee to meet the licensee's obligations as a licensee; or
 (b) constitutes or may constitute a contravention of:
 (i) Division 2 or 3 (or regulations made under those Divisions); or
 (ii) a condition of the licensee's licence; or
 (c) constitutes an attempt to unduly influence, coerce, manipulate or mislead the auditor in the preparation of the audit report.

Offence
 (3) The auditor commits an offence if:
 (a) the auditor is subject to a requirement under subsection (1); and
 (b) the auditor engages in conduct; and
 (c) the auditor's conduct contravenes the requirement.
Criminal penalty: 1 year imprisonment.