Retirement Savings Accounts Act 1997

PART 6 - RECORDS, AUDITS AND AUDITORS  

SECTION 70   GIVING FALSE OR MISLEADING INFORMATION TO AUDITOR  

70(1)   Offence - person knows the information is false or misleading etc.  

A person commits an offence if:

(a)    the person is an employee or officer of an RSA provider; and

(b)    the person gives information, or allows information to be given, to an auditor of the RSA provider; and

(c)    the information relates to the affairs of the RSA provider; and

(d)    the person knows that the information:

(i) is false or misleading in a material particular; or

(ii) is missing something that makes the information misleading in a material respect.

Penalty: Imprisonment for 5 years or 200 penalty units, or both.

70(2)   Offence - person fails to ensure the information is not false or misleading etc.  

A person commits an offence if:

(a)    the person is an employee or officer of an RSA provider; and

(b)    the person gives information, or allows information to be given, to an auditor of the RSA provider; and

(c)    the information relates to the affairs of the RSA provider; and

(d)    the information:

(i) is false or misleading in a material particular; or

(ii) is missing something that makes the information misleading in a material respect; and

(e)    the person did not take reasonable steps to ensure that the information:

(i) was not false or misleading in a material particular; or

(ii) was not missing something that makes the information misleading in a material respect.

Penalty: Imprisonment for 2 years or 100 penalty units, or both.

70(3)   Determining whether information is false or misleading.  

If information is given to the auditor in response to a question asked by the auditor, the information and the question must be considered together in determining whether the information is false or misleading.