Compliance audits
43A Compliance audits
This section applies if the Regulator:
suspects, on reasonable grounds, that a person has engaged, is engaging or is proposing to engage in conduct that constituted, constitutes or would constitute:
an offence against this Act; or
a contravention of a civil penalty provision; and
is satisfied that it would be in the public interest to give the person a notice under this section.
The Regulator may, by written notice given to the person, require the person:
to undertake, or arrange for another person to undertake, an audit of whichever of the following is specified in the notice:
the person’s compliance with this Act;
one or more specified aspects of the person’s compliance with this Act; and
to give the Regulator a written report setting out the results of the audit.
The notice must specify:
if the notice requires the person to arrange another person to undertake the audit—requirements relating to the qualifications and independence of the other person; and
the matters to be covered by the audit; and
the period within which the audit must be undertaken; and
the form and content of the report; and
the period within which the report must be given to the Regulator.
A person contravenes this subsection if the person is subject to a requirement under subsection (2) and the person fails to comply with the requirement.
A person commits an offence of strict liability if the person contravenes subsection (4).
Penalty: 30 penalty units.
For strict liability, see section 6.1 of the Criminal Code.
A person is liable to a civil penalty if the person contravenes subsection (4).
Civil penalty: 30 penalty units.
A notice under subsection (2) is not a legislative instrument.
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