Corporations Act 2001
CHAPTER 2M
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FINANCIAL REPORTS AND AUDIT
PART 2M.3
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FINANCIAL REPORTING
Division 3
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Audit and auditor's report
SECTION 307A
AUDIT TO BE CONDUCTED IN ACCORDANCE WITH AUDITING STANDARDS
307A(1)
If an individual auditor, or an audit company, conducts:
(a) an audit or review of the financial report for a financial year; or
(b) an audit or review of the financial report for a half-year;
If an audit firm, or an audit company, conducts:
(a) an audit or review of the financial report for a financial year; or
(b) an audit or review of the financial report for a half-year;
A person commits an offence if the person contravenes subsection (1) or (2).
A person commits an offence of strict liability if the person contravenes subsection (1) or (2).
If an individual auditor, or an audit company, conducts:
(a) an audit or review of the financial report for a financial year; or
(b) an audit or review of the financial report for a half-year;
the individual auditor or audit company must conduct the audit or review in accordance with the auditing standards.
307A(2)
If an audit firm, or an audit company, conducts:
(a) an audit or review of the financial report for a financial year; or
(b) an audit or review of the financial report for a half-year;
the lead auditor for the audit or review must ensure that the audit or review is conducted in accordance with the auditing standards.
Fault-based offence
307A(3)
A person commits an offence if the person contravenes subsection (1) or (2).
Strict liability offence
307A(4)
A person commits an offence of strict liability if the person contravenes subsection (1) or (2).
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