Retention and production of information
89ZA Retention and production of information
(1) An interest holder must retain any written documentation required to be prepared by the interest holder in connection with the audit for a period of at least 5 years after the audit report is given to the CEO (or for such other period as may be agreed or determined by the CEO).
(2) The CEO may direct an interest holder to produce any documentation that is required to be retained under subsection (1).
A person commits an offence if:
the person is an interest holder; and
(b) the interest holder is given a direction under subsection (2); and
the interest holder intentionally engages in conduct; and
(d) the conduct results in a contravention of the direction and the interest holder is reckless in relation to that result.
Maximum penalty: 2 600 penalty units.
(4) Strict liability applies to subsection (3)(a) and (b).
(5) An interest holder commits an offence if the interest holder is given a direction under subsection (2) and the interest holder contravenes that direction.
Maximum penalty: 1 300 penalty units.
(6) An offence against subsection (5) is an offence of strict liability.
(7) It is a defence to a prosecution for an offence against subsection (3) or (5) if the defendant took reasonable steps and exercised due diligence to prevent the commission of the offence.
(8) The defendant has a legal burden of proof in relation to a matter mentioned in subsection (7).
This Act’s bill:Second reading speech
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