Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If APRA is of the opinion that an auditor of a life company:
(a) has failed, whether within or outside Australia, to perform adequately and properly his or her duties as an auditor under:
(i) this Act; or
(ii) any other law of the Commonwealth, a State or a Territory; or
(b) is otherwise not a fit and proper person to be an auditor of a life company;
APRA may refer the details of the matter to either or both of the following:
(c) the Companies Auditors Disciplinary Board established by Division 1 of Part 11 of the Australian Securities and Investments Commission Act 2001 ;
(d) those members of the professional association of the auditor whom APRA believes will be involved in considering or taking any disciplinary or other action concerning the matter against the auditor.
(2) If APRA is of the opinion that an appointed actuary of a life company:
(a) has failed, whether within or outside Australia, to perform adequately and properly his or her duties as an actuary under:
(i) this Act; or
(ii) any other law of the Commonwealth, a State or a Territory; or
(b) is otherwise not a fit and proper person to be the actuary of a life company;
APRA may refer the details of the matter to those members of the professional association of the actuary whom APRA believes will be involved in considering or taking any disciplinary or other action concerning the matter against the actuary.
(3) If APRA refers details of a matter under this section, APRA must also give written notice of the referral (including the nature of the matter) to the auditor or actuary.