NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 104 Auditor to report on certain matters

NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 104

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.