Document ID: chunk:federal_register_of_legislation:C2024C00492:section:6:p118
Version: federal_register_of_legislation:C2024C00492
Segment Type: section
Provision Reference: s 6 (pt 118/175)
Character Range: 470519–473361

the Registrar or ASIC is inquiring into or investigating any matters in respect of:
 (i) the auditor; or
 (ii) the audited body for the audit to which the documents relate; and
 (b) whether the professional accounting bodies have any investigations or disciplinary action pending in relation to the auditor; and
 (c) whether civil or criminal proceedings in relation to:
 (i) the conduct of the audit; or
 (ii) the contents of the financial report to which the audit working papers relate;
  have been, or are about to be, commenced; and
 (d) any other relevant matter.

Audit working papers kept in electronic form
 (10) For the purposes of this section, if audit working papers are in electronic form they are taken to be retained only if they are convertible into hard copy.

Subdivision 339‑C—Qualification, experience and registration

339‑60  Qualification and experience: individual auditor
 (1) An individual contravenes this section if:
 (a) one of the following imposes a requirement in relation to the audit of a financial report of an Aboriginal and Torres Strait Islander corporation:
 (i) an applied provision of the Corporations Act;
 (ii) regulations made for the purposes of section 333‑15;
 (iii) a determination by the Registrar under section 336‑1 or 336‑5; and
 (b) the requirement is that, if the auditor is an individual auditor, the auditor must have particular qualification or experience; and
 (c) the individual acts as auditor in relation to the financial report or that part of it; and
 (d) the individual does not have the qualification or experience referred to in paragraph (b).
Penalty: 25 penalty units or imprisonment for 6 months, or both.
 (2) An individual contravenes this section if:
 (a) one of the following requires that a person may only participate in a particular capacity in the conduct of the audit of a financial report of an Aboriginal and Torres Strait Islander corporation if the person has particular qualifications or experience:
 (i) an applied provision of the Corporations Act;
 (ii) regulations made for the purposes of section 333‑15;
 (iii) a determination by the Registrar under section 336‑1 or 336‑5; and
 (b) the individual participates in that capacity in the conduct of the audit of the financial report; and
 (c) the individual does not have those qualifications or that experience.
Penalty: 25 penalty units or imprisonment for 6 months, or both.

339‑65  Qualification and experience: audit firm
 (1) A person (the defendant) contravenes this subsection if:
 (a) one of the following imposes a requirement in relation to the audit of a financial report of an Aboriginal and Torres Strait Islander corporation:
 (i) an applied provision of the Corporations Act;
 (ii) regulations made for the purposes of section 333‑15;
 (iii) a determination by the Registrar under section