CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 5C - MANAGED INVESTMENT SCHEMES
History
Chapter 5C inserted by No 62 of 1998, Sch 1 (effective
1 July 1998).
PART 5C.4 - THE COMPLIANCE PLAN
History
Part 5C.4 inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).
SECTION 601HG
AUDIT OF COMPLIANCE PLAN
601HG(1)
[Auditor of the compliance plan]
The responsible entity of a registered scheme must ensure that at all times a registered company auditor is engaged to audit compliance with the scheme's compliance plan in accordance with this section. This auditor is referred to as the
auditor of the compliance plan
.
History
S 601HG(1) inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).
601HG(2)
[Eligibility]
A person is not eligible to act as the auditor of the compliance plan if the person is:
(a)
an associate of the responsible entity; or
(b)
an agent holding scheme property on behalf of the responsible entity or an associate of an agent of that kind; or
(c)
the auditor of the responsible entity's financial statements.
The auditor of the compliance plan and the auditor of the responsible entity's financial statements may, however, work for the same firm of auditors.
History
S 601HG(2) inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).
601HG(3)
[Auditor's functions]
Within 3 months after the end of a financial year of the scheme, the auditor of the compliance plan must:
(a)
examine the scheme's compliance plan; and
(b)
carry out:
(i) if the scheme has only had one responsible entity during the financial year - an audit of the responsible entity's compliance with the compliance plan during the financial year; or
(ii) if the scheme has had more than one responsible entity during the financial year - an audit of each responsible entity's compliance with the compliance plan during that part of the financial year when it was the scheme's responsible entity; and
(c)
give to the scheme's current responsible entity a report that states whether, in the auditor's opinion:
(i) the responsible entity, or each responsible entity, complied with the scheme's compliance plan during the financial year or that part of the financial year when it was the scheme's responsible entity; and
(ii) the plan continues to meet the requirements of this Part.
History
S 601HG(3) inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).
601HG(4)
[Auditor to notify ASIC]
The auditor of the compliance plan 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 under subsection
(3) or bringing it to the attention of the responsible entity.
History
S 601HG(4) amended by No 54 of 1998, Sch 6, Pt 2 (effective 1 July 1998).
S 601HG(4) inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).
601HG(5)
[Auditor's powers]
The auditor of the compliance plan:
(a)
has a right of access at all reasonable times to the books of the scheme; and
(b)
may require an officer of the responsible entity to give the auditor information and explanations for the purposes of the audit.
History
S 601HG(5) inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).
601HG(6)
[Assistance]
An officer of the responsible entity must:
(a)
allow the auditor of the compliance plan to have access to the books of the scheme; and
(b)
give the auditor information or an explanation required under subsection
(5); and
(c)
otherwise assist the conduct of the audit.
History
S 601HG(6) inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).
601HG(7)
[Lodgment of auditor's report]
The responsible entity must lodge the auditor's report under subsection
(3) with ASIC at the same time as the financial statements and reports in respect of the scheme are to be lodged with ASIC (see sections
292 and
321).)
History
S 601HG(7) amended by No 54 of 1998, Sch 6, Pt 2 (effective 1 July 1998).
S 601HG(7) inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).
601HG(8)
[Qualified privilege]
The auditor of the compliance plan has qualified privilege in respect of:
(a)
a statement made in a report under subsection
(3); or
(b)
a notification to ASIC under subsection
(4).
History
S 601HG(8) amended by No 54 of 1998, Sch 6, Pt 2 (effective 1 July 1998).
S 601HG(8) inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).
601HG(9)
[Additional audits]
This section does not prevent the responsible entity from arranging for the auditor of the compliance plan to carry out audits in addition to those required by this section.
History
S 601HG(9) inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).