70Frequency of audits

70 Frequency of audits

70 Frequency of audits

(1) This clause applies to the audit of an entity under the Act, section 67(1).

(2) The regulator may conduct a routine performance audit of the entity no more than once every 5 years.

(3) If a routine performance audit of an entity identifies matters of high risk, the regulator may conduct a follow-up audit of the entity and assess whether or not the entity has taken action to address identified matters of high risk, including action recommended by the regulator.

(4) The regulator may also conduct a performance audit whenever the regulator—

(a) reasonably suspects the entity may be unable to effectively undertake its functions under the Act, or

(b) receives information that indicates the entity may—

(i) be incompetent, or

(ii) have engaged in misconduct, or

(iii) lack capacity.

cl 70: Ins 2023 (601), Sch 1[2].