Bankruptcy Act 1966

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (BANKRUPTCY)  

Note: See section 4A .

PART 3 - GENERAL RULES RELATING TO ESTATE ADMINISTRATIONS  

Division 70 - Information  

Subdivision C - Record-keeping  

SECTION 70-15   AUDIT OF ADMINISTRATION BOOKS - INSPECTOR-GENERAL  

Inspector-General may audit books, or cause them to be audited

70-15(1)    
The Inspector-General may audit, or cause to be audited, the books referred to in section 70-5 (annual administration return), 70-10 (administration books) or 70-11 (books when trading).

Audit on the Inspector-General ' s initiative or on request

70-15(2)    
The audit may be conducted:

(a)    on the Inspector-General ' s own initiative; or

(b)    at the request of the regulated debtor; or

(c)    at the request of a creditor.

Auditor must prepare a report

70-15(3)    
The person carrying out the audit must prepare a report on the audit.

Inspector-General must give a copy of the report

70-15(4)    
The Inspector-General must give a copy of the report to:

(a)    the trustee of the estate; and

(b)    the person who requested the report (if any).

Costs of an audit

70-15(5)    
The costs of an audit under this section must be determined by the Inspector-General and is to be borne by the estate.

Qualified privilege in relation to audit reports

70-15(6)    
A person who conducts an audit under this section has qualified privilege (within the meaning of the Corporations Act 2001 ) in respect of any report prepared under subsection (3) that is given to a person under subsection (4) or otherwise published.