A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

CORPORATIONS ACT 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)    View history reference

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  

 View history reference

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.

 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page