107Audits of accredited certificate providers

107 Audits of accredited certificate providers

107 Audits of accredited certificate providers

(1) The Scheme Administrator may, at any time—

(a) audit an accredited certificate provider, or

(b) require a scheme participant to have an approved auditor audit the accredited certificate provider.

(2) An audit under this section is an audit of an accredited certificate provider’s—

(a) creation of certificates,

(b) eligibility for accreditation,

(c) compliance with the conditions of the provider’s accreditation.

(3) An audit may be conducted to—

(a) substantiate information given to the Scheme Administrator, or

(b) determine whether the provider has complied with the Act, the regulations, the scheme rules or the conditions of the provider’s accreditation.

(4) An audit must be conducted in accordance with the directions of the Scheme Administrator.

(5) A person who is not an approved auditor must not—

(a) make a representation, or cause or allow a representation to be made, that the person is an approved auditor, or

(b) undertake the functions of an approved auditor.

Maximum penalty—

(a) for a corporation—500 penalty units, or

(b) otherwise—100 penalty units.

(6) In this section—

approved auditor means a person—

(a) nominated by the Scheme Administrator, or

(b) chosen by the certificate provider from a panel of persons nominated by the Scheme Administrator, or

(c) nominated by the certificate provider and approved by the Scheme Administrator.