28Secretary may perform or require audit in certain circumstances

28 Secretary may perform or require audit in certain circumstances

(1)  The Secretary may –

(a) perform an audit of the activities, or a specified aspect of the activities, of a scheme participant under this Act; or

(b) direct a scheme participant to engage an auditor to perform an audit of the activities, or a specified aspect of the activities, of the scheme participant under this Act.

(2)  A requirement of the Secretary under subsection (1) is in addition to, and does not derogate from, an audit or report requirement under –

(a) this Act, any other Act; or

(b) an agreement under this Act.

(3)  A scheme participant whose activities are required to be audited under subsection (1) must comply with the requirement.

Penalty:  In the case of –

(a) a body corporate, a fine not exceeding 300 penalty units; or

(b) an individual, a fine not exceeding 100 penalty units.