Document ID: chunk:federal_register_of_legislation:C2004A01334:clause:1_324cf:p2
Version: federal_register_of_legislation:C2004A01334
Segment Type: clause
Provision Reference: sch 1 cl 324CF (pt 2/2)
Character Range: 124963–127274

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 ASIC is given a notice under paragraph (1A)(e), ASIC must, as soon as practicable after the notice is received, give a copy of the notice to the audited body.

Contravention of independence requirements by members of audit firm

 (2) A person (the defendant) contravenes this subsection if:
 (a) an audit firm engages in audit activity at a particular time; and
 (b) a relevant item of the table in subsection 324CH(1) applies at that time to a person or entity covered by subsection (5) of this section; and
 (c) the defendant is a member of the audit firm at that time.

 (3) For the purposes of an offence based on subsection (2), strict liability applies to the physical elements of the offence specified in paragraphs (2)(a) and (b).

Note 1: For strict liability, see section 6.1 of the Criminal Code.

Note 2: Subsection (4) provides a defence.

 (4) A person does not commit an offence because of a contravention of subsection (2) in relation to audit activity engaged in by an audit firm at a particular time if the person has reasonable grounds to believe that the audit firm 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 audit firm) that the audit firm and its employees complied with the requirements of this Subdivision.

Note: A defendant bears an evidential burden in relation to the matters in this subsection, see subsection 13.3(3) of the Criminal Code.

People and entities covered

 (5) The following table sets out:
 (a) the persons and entities covered by this subsection in relation to audit activity engaged in by an audit firm; and
 (b) the items of the table in subsection 324CH(1) that are the relevant items for each of those persons and entities:

Audit firm
Item        For this person or entity...                                                                                                                                                         the relevant items of the table in subsection 324CH(1) are...