sch.1A-sec.11Requirements for conducting compliance audit

### sch.1A-sec.11 Requirements for conducting compliance audit An association must ensure a compliance audit is conducted in accordance with all of the following requirements— an auditor must conduct the audit; the auditor must be an accountant; the auditor must clearly define the scope and objectives of each audit before the auditor begins the audit; the auditor must conduct the audit in compliance with the auditing and assurance standards made by the Auditing and Assurance Standards Board; the auditor must assess a relevant member’s compliance with the provisions of the association’s code of conduct that are relevant to the functions carried out by the member as a security provider; the auditor must use a process that enables the auditor to obtain and evaluate evidence for the audit by applying audit procedures to a selection of particular data or information that the association reasonably considers appropriate to a relevant member’s circumstances, including those of a relevant member the association knows or suspects to have breached the association’s code of conduct; the auditor must give the association a written report about the audit. The report must include a document signed and dated by the auditor stating— the auditor’s name and business address; and whether the auditor is of the opinion that the relevant member is complying with the association’s code of conduct. An auditor may conduct a compliance audit in a way that the auditor considers appropriate, including, for example, by electronic communication. Within 3 months of the completion of a compliance audit, the association must give the member audited a written notice about the outcome of the audit. In this section— Auditing and Assurance Standards Board means the Auditing and Assurance Standards Board established under the Australian Securities and Investments Commission Act 2001 (Cwlth) . sch 1A pt 3 div 1 s 11 ins 2010 SL No. 346 s 6 (sch.1A-sec.11-ssec.1) An association must ensure a compliance audit is conducted in accordance with all of the following requirements— an auditor must conduct the audit; the auditor must be an accountant; the auditor must clearly define the scope and objectives of each audit before the auditor begins the audit; the auditor must conduct the audit in compliance with the auditing and assurance standards made by the Auditing and Assurance Standards Board; the auditor must assess a relevant member’s compliance with the provisions of the association’s code of conduct that are relevant to the functions carried out by the member as a security provider; the auditor must use a process that enables the auditor to obtain and evaluate evidence for the audit by applying audit procedures to a selection of particular data or information that the association reasonably considers appropriate to a relevant member’s circumstances, including those of a relevant member the association knows or suspects to have breached the association’s code of conduct; the auditor must give the association a written report about the audit. (sch.1A-sec.11-ssec.2) The report must include a document signed and dated by the auditor stating— the auditor’s name and business address; and whether the auditor is of the opinion that the relevant member is complying with the association’s code of conduct. (sch.1A-sec.11-ssec.3) An auditor may conduct a compliance audit in a way that the auditor considers appropriate, including, for example, by electronic communication. (sch.1A-sec.11-ssec.4) Within 3 months of the completion of a compliance audit, the association must give the member audited a written notice about the outcome of the audit. (sch.1A-sec.11-ssec.5) In this section— Auditing and Assurance Standards Board means the Auditing and Assurance Standards Board established under the Australian Securities and Investments Commission Act 2001 (Cwlth) . - (a) an auditor must conduct the audit; - (b) the auditor must be an accountant; - (c) the auditor must clearly define the scope and objectives of each audit before the auditor begins the audit; - (d) the auditor must conduct the audit in compliance with the auditing and assurance standards made by the Auditing and Assurance Standards Board; - (e) the auditor must assess a relevant member’s compliance with the provisions of the association’s code of conduct that are relevant to the functions carried out by the member as a security provider; - (f) the auditor must use a process that enables the auditor to obtain and evaluate evidence for the audit by applying audit procedures to a selection of particular data or information that the association reasonably considers appropriate to a relevant member’s circumstances, including those of a relevant member the association knows or suspects to have breached the association’s code of conduct; - (g) the auditor must give the association a written report about the audit. - (a) the auditor’s name and business address; and - (b) whether the auditor is of the opinion that the relevant member is complying with the association’s code of conduct.