Auditing and Assurance Standards and Guidance

Objective

The objective of the auditor of a regulated entity is to bring information which the auditor has become aware in the ordinary course of performing work undertaken to fulfil the auditor's audit responsibilities to the attention of the appropriate regulator as soon as practicable when:

(a)    The auditor concludes that it is relevant to the regulator's functions having regard to such matters as may be specified in statute or any related regulations; and

(b)    In the auditor's opinion there is reasonable cause to believe it is or may be of material significance to the regulator. (paragraph 8)

Where an apparent breach of statutory or regulatory requirements comes to the auditor's attention, the auditor shall:

(a)    Obtain such evidence as is available to assess its implications for the auditor's reporting responsibilities;

(b)    Determine whether, in the auditor's opinion, there is reasonable cause to believe that the breach is of material significance to the regulator; and

(c)    Consider whether the apparent breach is criminal conduct that gives rise to criminal property and, as such, should be reported to the specified authorities. (paragraph 12)