Corporations Act. Australia

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      (a) the information; and

      (b) the giving of the information;

      are not admissible in evidence against the person in a criminal proceeding, or any other proceeding for the recovery of a penalty, other than proceedings for an offence based on the information given being false or misleading.

      (1D) If ASIC is given a notice under paragraph (1A)(e), ASIC must, as soon as practicable after the notice is received, give a copy of the notice to the audited body.

      Contravention of independence requirements by members of audit firm

      (2) A person (the defendant) contravenes this subsection if:

      (a) an audit firm engages in audit activity at a particular time; and

      (b) a relevant item of the table in subsection 324CH(1) applies at that time to a person or entity covered by subsection (5) of this section; and

      (c) the defendant is a member of the audit firm at that time.

      (3) For the purposes of an offence based on subsection (2), strict liability applies to the physical elements of the offence specified in paragraphs (2)(a) and (b).

      Note 1: For strict liability, see section 6.1 of the Criminal Code.

      Note 2: Subsection (4) provides a defence.

      (4) A person does not commit an offence because of a contravention of subsection (2) in relation to audit activity engaged in by an audit firm at a particular time if the person has reasonable grounds to believe that the audit firm had in place at that time a quality control system that provided reasonable assurance (taking into account the size and nature of the audit practice of the audit firm) that the audit firm and its employees complied with the requirements of this Subdivision.

      Note: A defendant bears an evidential burden in relation to the matters in this subsection, see subsection 13.3(3) of the Criminal Code.

      People and entities covered

      (5) The following table sets out:

      (a) the persons and entities covered by this subsection in relation to audit activity engaged in by an audit firm; and

      (b) the items of the table in subsection 324CH(1) that are the relevant items for each of those persons and entities:

      Audit firm

      Item

      For this person or entity…

      the relevant items of the table in subsection 324CH(1) are…

      1

      the firm

      4

      7

      10 to 19

      2

      a service company or trust acting for, or on behalf of, the firm, or another entity performing a similar function

      4

      7

      10 to 19

      3

      a member of the firm

      1 to 7

      9

      15

      4

      a professional member of the audit team conducting the audit of the audited body

      1 to 6

      8 to 19

      5

      an immediate family member of a professional member of the audit team conducting the audit of the audited body

      1 and 2

      10 to 19

      6

      a person who:

      (a) is a non‑audit services provider; and

      (b) does not satisfy the maximum hours test in subsection (6)

      10 to 12

      7

      an immediate family member of a person who:

      (a) is a non‑audit services provider; and

      (b) does not satisfy the maximum hours test in subsection (6)

      10 to 12

      8

      an entity that the firm (or a service company or trust acting for, or on behalf of, the firm, or another entity performing a similar function) controls

      15

      9

      a body corporate in which the firm (or a service company or trust acting for, or on behalf of, the firm, or another entity performing a similar function) has a substantial holding

      15

      10

      an entity that a member of the firm controls or a body corporate in which a member of the firm has a substantial holding

      15

      11

      a person who:

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

      (b) does not satisfy the independence test in subsection (7)

      1 and 2

      12

      a person who:

      (a) is a former professional employee of the firm; and

      (b) does not satisfy the independence test in subsection (7)

      1 and 2

      Maximum hours test

      (6) A non‑audit services provider СКАЧАТЬ