The auditor conducting an audit or review must, as soon as possible, notify
ASIC in writing if the auditor:
- (a)
- has reasonable grounds to suspect that a
contravention of this Act has occurred; and
- (b)
- believes that the contravention has not been or will not be adequately
dealt with by commenting on it in the auditor's report or bringing it to the
attention of the directors.
- Note: Section 1289 gives an auditor qualified privilege for a
notification to ASIC under this section.