Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE  

Division 6 - Financial records, statements and audit  

Subdivision D - Appointment etc. of auditors  

SECTION 990K   AUDITOR TO REPORT ON CERTAIN MATTERS  

990K(1)    

If an auditor, in the performance of duties as auditor of the licensee, becomes aware of a matter referred to in subsection (2) , the auditor must, within 7 days after becoming aware of the matter, lodge a written report on the matter with ASIC in a prescribed form and send a copy of the report to the licensee, and to each licensed market (if any) and each licensed CS facility (if any) in which the licensee is a participant.

Note: Failure to comply with this section is an offence (see subsection 1311(1) ).

990K(2)    
A report must be given in relation to any matter that, in the opinion of the auditor:

(a)    has adversely affected, is adversely affecting or may adversely affect the ability of the licensee to meet the licensee ' s obligations as a licensee; or

(b)    constitutes or may constitute a contravention of:

(i) a provision of Subdivision A or B of Division 2 (or a provision of regulations made for the purposes of such a provision); or

(ii) a provision of Division 3 (or a provision of regulations made for the purposes of such a provision); or

(iii) a provision of Subdivision B or C of this Division (or a provision of regulations made for the purposes of such a provision); or

(iv) a condition of the licensee ' s licence; or

(c)    

constitutes an attempt to unduly influence, coerce, manipulate or mislead the auditor in the conduct of the audit.