sec.32Chief executive may make information available to supervisory bodies

### sec.32 Chief executive may make information available to supervisory bodies The chief executive may report a matter about an auditor to ASIC or a prescribed entity of which the auditor is a member if the chief executive believes, on reasonable grounds, the auditor— has not audited an agent’s trust accounts in accordance with generally accepted standards of professional competency; or has failed to detect or report material irregularities in the operation of an agent’s trust accounts; or has not properly performed the auditor’s functions under this Act. The chief executive may make information in the chief executive’s possession available to the commission or entity for an investigation conducted by the commission or entity. In this section— prescribed entity means CPA Australia, the Institute of Chartered Accountants in Australia or the Institute of Public Accountants. (sec.32-ssec.1) The chief executive may report a matter about an auditor to ASIC or a prescribed entity of which the auditor is a member if the chief executive believes, on reasonable grounds, the auditor— has not audited an agent’s trust accounts in accordance with generally accepted standards of professional competency; or has failed to detect or report material irregularities in the operation of an agent’s trust accounts; or has not properly performed the auditor’s functions under this Act. (sec.32-ssec.2) The chief executive may make information in the chief executive’s possession available to the commission or entity for an investigation conducted by the commission or entity. (sec.32-ssec.3) In this section— prescribed entity means CPA Australia, the Institute of Chartered Accountants in Australia or the Institute of Public Accountants. - (a) has not audited an agent’s trust accounts in accordance with generally accepted standards of professional competency; or - (b) has failed to detect or report material irregularities in the operation of an agent’s trust accounts; or - (c) has not properly performed the auditor’s functions under this Act.