THE CORPORATIONS LAW

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT

PART 2M.3 - FINANCIAL REPORTING

Division 3 - Audit and auditor's report

SECTION 311   REPORTING TO ASIC  

311     The auditor conducting an audit or review must, as soon as possible, notify ASIC in writing if the auditor:

(a)  has reasonable grounds to suspect that a contravention of this Law has occurred; and

(b)  believes that the contravention has not been or will not be adequately dealt with by commenting on it in the auditor's report or bringing it to the attention of the directors.

Note:

Section 1289 gives an auditor qualified privilege for a notification to ASIC under this section.