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

61   After subsection 311(3)

Insert:

(3A) A person contravenes this subsection if:

(a) the person is the lead auditor for an audit of a registrable superannuation entity; and

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

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

(3B) A person commits an offence if the person contravenes subsection (3A).

(3C) A person commits an offence of strict liability if the person contravenes subsection (3A).