Retirement Savings Accounts Act 1997

PART 6 - RECORDS, AUDITS AND AUDITORS  

SECTION 68   APRA MAY REFER MATTERS TO A PROFESSIONAL ASSOCIATION  

68(1)   [Referral to auditor ' s professional association]  

If APRA is of the opinion that an approved auditor:

(a) has failed, whether within or outside Australia, to carry out or perform adequately and properly:

(i) the duties of an auditor under this Act or the regulations; or

(ii) any duties required by a law of the Commonwealth, a State or a Territory to be carried out or performed by an auditor; or

(iii) any functions that an auditor is entitled to perform in relation to this Act or the regulations or the Financial Sector (Collection of Data) Act 2001 ; or

(b) is otherwise not a fit and proper person to be an approved auditor for the purposes of this Act;

APRA may refer the details of the matter to the persons specified in subsection (2).

Note:

Persons to whom APRA refers the details of the matter are subject to secrecy obligations under section 56 of the Australian Prudential Regulation Authority Act 1998 . In particular, see paragraph (c) of the definition of officer in subsection 56(1), and subsections 56(2), (9) and (10), of that Act.

68(2)   [Professional association]  

The persons specified in relation to an approved auditor for the purposes of subsection (1) are those members of the auditor ' s professional association whom APRA believes will be involved:

(a) in deciding whether the professional association should take any disciplinary or other action against the auditor in respect of the matter referred; or

(b) in taking that action.

68(3)   [Exercise of APRA ' s power]  

The power of APRA under subsection (1) may be exercised whether or not an order disqualifying the auditor has been made under section 67 .

68(4)   [Notice to auditor]  

If, under this section, APRA refers details of a matter involving an approved auditor, APRA must, as soon as practicable but, in any event, not later than 7 days after the referral, by notice in writing given to the auditor, inform the auditor:

(a) of the fact that a matter has been referred under subsection (1); and

(b) of the nature of the matter so referred.