Corporations (Aboriginal and Torres Strait Islander) Act 2006
CHAPTER 7
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RECORD KEEPING, REPORTING REQUIREMENTS AND BOOKS
PART 7-3
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REPORTING REQUIREMENTS
Division 339
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Audit of financial reports
Subdivision 339-B
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Conduct of the audit
SECTION 339-50
AUDITOR
'
S INDEPENDENCE DECLARATION
Application of section
339-50(1)
This section applies if: (a) section 339-75 applies in relation to the audit of a financial report of the Aboriginal and Torres Strait Islander corporation; or (b) regulations made for the purposes of section 339-80 provide for auditor independence requirements to be met in relation to the audit of a financial report of the Aboriginal and Torres Strait Islander corporation.
Contravention by individual auditor
339-50(2)
If the auditor is an individual auditor, the auditor must give the directors of the corporation either: (a) a written declaration that, to the best of the auditor ' s knowledge and belief, there have been:
339-50(3)
An offence against subsection (2) is an offence of strict liability.
Contravention by lead auditor
339-50(4)
If the auditor is an audit firm or audit company, the lead auditor for the audit must give the directors of the corporation: (a) a written declaration that, to the best of the lead auditor ' s knowledge and belief, there have been:
339-50(5)
An offence against subsection (4) is an offence of strict liability.
339-50(6)
The declaration under subsection (2) or (4) : (a) must be given when the audit report is given to the directors of the corporation; and (b) must be signed by the person making the declaration.
Self-incrimination
339-50(7)
An individual is not excused from giving a declaration under subsection (2) or (4) on the ground that giving the declaration might tend to incriminate the individual or expose the individual to a penalty.
Use/derivative use indemnity
339-50(8)
However, neither: (a) the information included in the declaration; nor (b) any information, document or thing obtained as a direct or indirect consequence of including the information in the declaration; is admissible in evidence against the individual in any criminal proceedings, or in any proceedings that would expose the person to a penalty, other than: (c) proceedings for an offence against section 561-1 or 561-5 in relation to the declaration; or (d) proceedings for an offence against section 137.1 or 137.2 of the Criminal Code (false or misleading information or documents) in relation to the declaration.
Application of section
339-50(1)
This section applies if: (a) section 339-75 applies in relation to the audit of a financial report of the Aboriginal and Torres Strait Islander corporation; or (b) regulations made for the purposes of section 339-80 provide for auditor independence requirements to be met in relation to the audit of a financial report of the Aboriginal and Torres Strait Islander corporation.
Contravention by individual auditor
339-50(2)
If the auditor is an individual auditor, the auditor must give the directors of the corporation either: (a) a written declaration that, to the best of the auditor ' s knowledge and belief, there have been:
(i) no contraventions of the auditor independence requirements of this Act in relation to the audit; and
(b) a written declaration that, to the best of the individual auditor ' s knowledge and belief, the only contraventions of:
(ii) no contraventions of any applicable code of professional conduct in relation to the audit; or
(i) the auditor independence requirements of this Act in relation to the audit; or
are those contraventions the details of which are set out in the declaration.
(ii) any applicable code of professional conduct in relation to the audit;
Penalty: 10 penalty units.
339-50(3)
An offence against subsection (2) is an offence of strict liability.
Note:
For strict liability , see section 6.1 of the Criminal Code .
Contravention by lead auditor
339-50(4)
If the auditor is an audit firm or audit company, the lead auditor for the audit must give the directors of the corporation: (a) a written declaration that, to the best of the lead auditor ' s knowledge and belief, there have been:
(i) no contraventions of the auditor independence requirements of this Act in relation to the audit; and
(b) a written declaration that, to the best of the lead auditor ' s knowledge and belief, the only contraventions of:
(ii) no contraventions of any applicable code of professional conduct in relation to the audit; or
(i) the auditor independence requirements of this Act in relation to the audit; or
are those contraventions details of which are set out in the declaration.
(ii) any applicable code of professional conduct in relation to the audit;
Penalty: 10 penalty units.
339-50(5)
An offence against subsection (4) is an offence of strict liability.
Note:
For strict liability , see section 6.1 of the Criminal Code .
339-50(6)
The declaration under subsection (2) or (4) : (a) must be given when the audit report is given to the directors of the corporation; and (b) must be signed by the person making the declaration.
Self-incrimination
339-50(7)
An individual is not excused from giving a declaration under subsection (2) or (4) on the ground that giving the declaration might tend to incriminate the individual or expose the individual to a penalty.
Use/derivative use indemnity
339-50(8)
However, neither: (a) the information included in the declaration; nor (b) any information, document or thing obtained as a direct or indirect consequence of including the information in the declaration; is admissible in evidence against the individual in any criminal proceedings, or in any proceedings that would expose the person to a penalty, other than: (c) proceedings for an offence against section 561-1 or 561-5 in relation to the declaration; or (d) proceedings for an offence against section 137.1 or 137.2 of the Criminal Code (false or misleading information or documents) in relation to the declaration.