Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS, SUSTAINABILITY REPORTS AND AUDIT  

PART 2M.3 - FINANCIAL AND SUSTAINABILITY REPORTING  

Division 3 - Audits and auditor ' s reports  

Note: This Division applies to sub-funds of retail CCIVs in a modified form: see section 1232G .

SECTION 307A   AUDIT OF FINANCIAL REPORT 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;

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).