Corporations Act 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)  

Note: See section 600K .

PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS  

Division 70 - Information  

Subdivision C - Record-keeping  

CLAUSE 70-15   AUDIT OF ADMINISTRATION BOOKS - ASIC  

ASIC may cause books to be audited

70-15(1)    
ASIC may cause the books referred to in section 70-5 (annual administration return), 70-6 (end of administration return) or 70-10 (administration books) to be audited by a registered company auditor.

Audit on the ASIC ' s initiative or on request

70-15(2)    
The audit may be conducted:

(a) on ASIC ' s own initiative; or

(b) at the request of the company; or

(c) at the request of a creditor; or

(d) at the request of any other person prescribed.

Auditor must prepare a report

70-15(3)    
The auditor must prepare a report on the audit.

ASIC must give a copy of the report

70-15(4)    
If ASIC causes books to be audited under subsection (1):

(a) ASIC must give a copy of the report prepared by the auditor to:

(i) the external administrator of the company; and

(ii) the person who requested the report (if any); and

(b) subsection 1289(5) applies in relation to the report prepared by the auditor as if it were a document required to be lodged.

Costs of an audit

70-15(5)    
The costs of an audit under this section must be determined by ASIC and form part of the expenses of the external administration of the company.