Corporations Act 2001

CHAPTER 8B - CORPORATE COLLECTIVE INVESTMENT VEHICLES  

PART 8B.3 - CORPORATE GOVERNANCE OF CCIVs  

Division 4 - Compliance plan for retail CCIVs  

Subdivision B - Auditing the compliance plan  

SECTION 1226G   AUDIT AND AUDIT REPORT  

1226G(1)    
Within 3 months after the end of a financial year of the retail CCIV, the auditor of the compliance plan must:

(a)    examine the CCIV ' s compliance plan; and

(b)    carry out:

(i) if the CCIV has only had one corporate director during the financial year - an audit of the corporate director ' s compliance with the compliance plan during the financial year; or

(ii) if the CCIV has had more than one corporate director during the financial year - an audit of each corporate director ' s compliance with the compliance plan during that part of the financial year when it was the CCIV ' s corporate director; and

(c)    give to the CCIV ' s current corporate director a report that states whether, in the auditor ' s opinion:

(i) the corporate director, or each corporate director, complied with the CCIV ' s compliance plan during the financial year or that part of the financial year when it was the CCIV ' s corporate director; and

(ii) the plan continues to meet the requirements of this Division.

1226G(2)    
The auditor of the compliance plan:

(a)    has a right of access at all reasonable times to the books of the CCIV; and

(b)    may require an officer of the corporate director to give the auditor information and explanations for the purposes of the audit.

1226G(3)    
An officer of the corporate director must:

(a)    allow the auditor of the compliance plan to have access to the books of the CCIV; and

(b)    give the auditor information or an explanation required under subsection (2) ; and

(c)    otherwise assist the conduct of the audit.

1226G(4)    
The corporate director must lodge the auditor ' s report under subsection (1) with ASIC at the same time as the financial statements and reports in respect of the CCIV are to be lodged with ASIC (see sections 292 , 319 and 1232C ).

1226G(5)    
The auditor of the compliance plan has qualified privilege in respect of:

(a)    a statement made in a report under subsection (1) ; or

(b)    a notification to ASIC under any of the following:

(i) paragraph 1226H(1)(c) ;

(ii) paragraph 1226H(2)(c) ;

(iii) paragraph 1226H(3)(d) .

1226G(6)    
An offence based on subsection (1) , (3) or (4) is an offence of strict liability.