Commonwealth Consolidated Acts

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Transparency reporting auditors must publish annual transparency reports

  (1)   This section applies if, during a transparency reporting year, a transparency reporting auditor conducts audits, under Division   3 of Part   2M.3, of 10 or more bodies of any of the following kinds:

  (a)   listed companies;

  (b)   listed registered schemes;

  (ba)   registrable superannuation entities;

  (c)   ADIs (authorised deposit - taking institutions) within the meaning of the Banking Act 1959 ;

  (d)   bodies mentioned in paragraph   (c) or (e) of the definition of body regulated by APRA in subsection   3(2) of the Australian Prudential Regulation Authority Act 1998 ;

  (e)   bodies prescribed by the regulations for the purposes of this paragraph.

Note:   The 10 or more bodies do not all have to be of the same kind. This section applies (for example) if, during the year, the transparency reporting auditor conducts audits of 6 listed companies and 4 listed registered schemes.

  (2)   The auditor must publish an annual transparency report for the transparency reporting year, containing the information required by section   332B, on the auditor's website within the period of 4 months after the end of the year (or that period as extended under section   332C).

Note:   Failure to comply with this subsection is an offence (see subsection   1311(1)).

  (3)   The auditor must lodge a copy of the report with ASIC on or before the day it is first published on the auditor's website.

Note:   Failure to comply with this subsection is an offence (see subsection   1311(1)).

  (4)   An offence based on subsection   (2) or (3) is an offence of strict liability.

Note:   For strict liability, see section   6.1 of the Criminal Code .

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