AST ASIC Whistleblower Protection
On Jun. 30, AST ASIC issued guidance on whistleblower protections.
- AST ASIC guidance for company officers, auditors on whistleblower protection regime.
- INFO 246 company auditor obligations under the whistleblower protection provisions.
- And INFO 247 company officer obligations under whistleblower protection provisions.
- Follows AST ASIC Dec. 2019 reminded companies of whistleblower laws, see #69512.
- Guidance Key Aspects
- AST ASIC released information sheets to help companies, their officers and auditors understand, comply with obligations under corporate whistleblower protection regime.
- It encourages all companies and audit firms to put in place arrangements for handling whistleblower disclosures even if company is not required to have policy under law.
- The Corporations Act 2001 (Corporations Act) provides strong protections for whistleblowers to encourage them to come forward with their concerns.
- They have right to confidentiality and are protected from reprisals and legal action for reporting their concerns, they can access these rights and protections by reporting.
- Their concerns to a company officer or company auditor, thus, it is important for company officers and company auditors to understand their obligations.
- To handle whistleblower disclosures in line with regime requirements; sheets provide guidance to develop arrangements for handling effective disclosures, tailored to firms.
- Also guidance for company officers and company auditors on obtaining consent from whistleblowers to disclose their identity if required for investigations.
- How to address any employment issues involving a whistleblower and their disclosure.
||Auditor; B/D; Bank; Corp; IA; Ins; Inv Co
||Gd, INFO 246; INFO 247, PR, 6/30/2020;
||Accounting; AML; Anti-Bribery; Compliance; C-Suite; Financial; HR; Legal; Operations; Privacy; Reporting; Risk
||Banking; Corporate; Fund Mgt; Insurance; Mutual Funds; Securities
|Reg. Last Update
||AML & Enforcement
Last substantive update on 07/02/2020