Treasury Laws Amendment (2022 Measures No. 4) Act 2023 (29 of 2023)

Schedule 6   Financial reporting and auditing requirements for superannuation entities

Part 2   Amendments of other Acts

Superannuation Industry (Supervision) Act 1993

264   At the end of Division 4 of Part 16

Add:

131CA Disqualified firms and disqualified companies not to be an RSE auditor

(1) A person commits an offence if:

(a) the person is a member of a firm; and

(b) the firm is, or acts as, an RSE auditor; and

(c) the firm is disqualified under section 130EA; and

(d) the person knows that the firm is so disqualified.

Penalty: Imprisonment for 2 years.

(2) A person commits an offence if:

(a) the person is, or acts as, an RSE auditor; and

(b) the person is a company; and

(c) the company is disqualified under section 130EA; and

(d) the person knows that the company is so disqualified.

Penalty: 600 penalty units.

(3) A person commits an offence if:

(a) the person is a member of a firm; and

(b) the firm is, or acts as, an RSE auditor; and

(c) the firm is disqualified under section 130EA.

Penalty: 60 penalty units.

(4) A person commits an offence if:

(a) the person is, or acts as, an RSE auditor; and

(b) the person is a company; and

(c) the company is disqualified under section 130EA.

Penalty: 300 penalty units.

(5) Subsections (3) and (4) are offences of strict liability.

131CB Members or employees of disqualified firms, and directors or employees of disqualified companies, not to be RSE auditors

(1) A person commits an offence if:

(a) the person is, or acts as, an RSE auditor; and

(b) the person is a member or employee of a firm; and

(c) the firm is disqualified under section 130EA; and

(d) the person knows that the firm is so disqualified.

Penalty: Imprisonment for 2 years.

(2) A person commits an offence if:

(a) the person is, or acts as, an RSE auditor; and

(b) the person is a director or employee of a company; and

(c) the company is disqualified under section 130EA; and

(d) the person knows that the company is so disqualified.

Penalty: Imprisonment for 2 years.

(3) A person commits an offence if:

(a) the person is, or acts as, an RSE auditor; and

(b) the person is a member or employee of a firm; and

(c) the firm is disqualified under section 130EA.

Penalty: 60 penalty units.

(4) A person commits an offence if:

(a) the person is, or acts as, an RSE auditor; and

(b) the person is a director or employee of a company; and

(c) the company is disqualified under section 130EA.

Penalty: 60 penalty units.

(5) Subsections (3) and (4) are offences of strict liability.