Treasury Laws Amendment (2022 Measures No. 4) Act 2023 (29 of 2023)

Schedule 6   Financial reporting and auditing requirements for superannuation entities

Part 1   Amendment of the Corporations Act 2001

Corporations Act 2001

57   After subsection 311(1)

Insert:

(1A) An individual auditor conducting an audit of a registrable superannuation entity contravenes this subsection if:

(a) the auditor suspects on reasonable grounds that there are circumstances that amount to a contravention of this Act; and

(b) the auditor does not notify ASIC in writing of those circumstances as soon as practicable, and in any case within 28 days, after the auditor forms that suspicion.

(1B) An individual auditor commits an offence if the auditor contravenes subsection (1A).

(1C) An individual auditor commits an offence of strict liability if the auditor contravenes subsection (1A).