Treasury stands firm on bill’s search and seizure powers for audit regulator
Legal advisers tell the standing committee on finance they believe the provision is constitutional
The Treasury and the regulator for the auditing profession are not budging from a legislative proposal to allow the regulator to conduct search-and-seizures of premises to obtain documents needed for investigations.
The Independent Regulator for Auditors (Irba) has justified the need for these powers byreferring to the long delays in its investigations due to the refusal of those being investigated to hand over audit files. This has resulted in Irba being seen as weak and ineffective...