127Conduct of audits

127 Conduct of audits

127 Conduct of audits

(1) Regulations may be made in relation to the conduct of audits by the Scheme Regulator, the Scheme Administrator or other persons.

(2) Without limiting subclause (1), the regulations may provide for the following matters—

(a) matters that may be the subject of audits,

(b) persons who may conduct audits,

(c) matters relating to decisions about who will conduct audits, including, for example, providing for the Scheme Regulator or Scheme Administrator to make decisions about whether to conduct audits personally or require audits to be conducted by an auditor engaged by the Scheme Regulator, Scheme Administrator or scheme participant,

(d) functions that may be exercised by persons conducting audits,

(e) fees payable for audits, including—

(i) who determines whether fees are payable for particular types of audits or audits in particular circumstances, and

(ii) how and by whom the amount of the fees payable for audits are determined, and

(iii) the maximum fees payable for audits generally or particular types of audits, and

(iv) to whom the fees for audits are payable,

(f) offences relating to obstructing or hindering, or refusing or failing to comply with requirements made by, persons who conduct audits.

(2A) If the regulations provide that a fee, as determined by or under the regulations, is payable for the carrying out of particular types of audit or audits in particular circumstances, each scheme participant and accredited certificate provider is liable to pay the fee for the carrying out of an audit of that type or in those circumstances in relation to the participant or provider.

(3) An accreditation may include terms and conditions relating to the determination of the cost of carrying out audit functions under subclause (1).