AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 30A Notice to auditors concerning information and books

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 30A

  (1)   Subject to subsection   (2), ASIC may give an Australian auditor a written notice requiring the auditor:

  (a)   to give specified information; or

  (b)   to produce specified books;

to a specified member or staff member at a specified place and time.

Note:   Failure to comply with a requirement made under this subsection is an offence (see section   63).

  (2)   The power in subsection   (1) may only be exercised:

  (a)   for the purposes of the performance or exercise of any of ASIC's functions and powers relating to:

  (i)   audit - related matters ( Corporations Act audit requirements ) under Chapter   2M or Part   9.2 or 9.2A of the Corporations Act or under other provisions of that Act that relate to that Chapter or that Part; or

  (ia)   audit - related matters ( ACNC audit requirements ) under the Australian Charities and Not - for - profits Commission Act 2012 ; or

  (ii)   audit requirements ( overseas audit requirements ) referred to in subsection   11(10); or

  (b)   for the purposes of:

  (i)   ascertaining compliance with Corporations Act audit requirements or ACNC audit requirements; or

  (ii)   assisting in ascertaining compliance with overseas audit requirements; or

  (c)   in relation to:

  (i)   an alleged or suspected contravention of Corporations Act audit requirements or ACNC audit requirements; or

  (ii)   an alleged or suspected contravention of a law of the Commonwealth, or of a State or Territory in this jurisdiction, being a contravention that relates to an audit matter and that either concerns the management or affairs of a body corporate or involves fraud or dishonesty and relates to a body corporate; or

  (d)   for the purposes of an investigation under Division   1 relating to a contravention referred to in paragraph   (c).

  (3)   Without limiting subsection   (1), a notice under that subsection may specify information or books that relate to any or all of the following:

  (a)   the policies relating to audit that the auditor has adopted or proposes to adopt, or the procedures relating to audit that the auditor has put in place or proposes to put in place;

  (b)   audits the auditor has conducted or proposes to conduct or in which the auditor has participated or proposes to participate;

  (c)   any other matter pertaining to audit that is prescribed by the regulations for the purposes of this paragraph.

Note:   A person responding to a notice under subsection   (1) has qualified privilege in respect of the response (see section   1289 of the Corporations Act).

  (4)   Without limiting subsection   (1), a notice under that subsection may require the auditor to give information or produce books even if doing so would involve a breach of an obligation of confidentiality that the auditor owes an audited body.

  (5)   ASIC may, by written notice to an Australian auditor who has received a notice under subsection   (1), extend the period within which the auditor must give the information or produce the books to which the notice under that subsection relates.