(a) If acting in good faith, a public official, or a certified public accountant or firm, makes a report, as required by § 8-4-503, the person or firm shall not be liable in any civil or criminal action that is based solely upon:
(1) The person's or firm's decision to report what the person or firm believed to be unlawful conduct;
(2) The person's or firm's belief that reporting the unlawful conduct was required by law or by contract; or
(3) The fact that a report of unlawful conduct was made.
(b) No immunity conferred pursuant to subsection (a) shall attach if the person or firm reporting the unlawful conduct:
(1) Participated in or benefited from the unlawful conduct; or
(2) Knowingly provides false information pursuant to this part.