Corporations Act 2001
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 - ASICASIC 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.
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