CORPORATIONS ACT 2001
Note: See section
GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS
ASIC may cause books to be audited
ASIC may cause the books referred to in section
(annual administration return),
(end of administration return) or
(administration books) to be audited by a registered company auditor.
Audit on the ASIC
s initiative or on request
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
The auditor must prepare a report on the audit.
ASIC must give a copy of the report
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
applies in relation to the report prepared by the auditor as if it were a document required to be lodged.
Costs of an audit
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.