Corporations Amendment Regulations 2003 (No. 7) (202 of 2003)

Schedule 1   Amendments commencing on gazettal

[12]   Subregulation 7.8.13 (2)

substitute

(2) For subsection 989B (3) of the Act, an auditor's report lodged with a true and fair profit and loss statement and balance sheet in respect of a financial year must contain a statement of the auditor's opinion on the following matters:

(a) the effectiveness of internal controls used by a financial services licensee to comply with:

(i) Divisions 2, 3, 4, 5 and 6 of Part 7.8 of the Act; and

(ii) Division 7 of Part 7.8 of the Act other than section 991A;

(b) whether each account required by sections 981B and 982B of the Act to be maintained by the financial services licensee has been operated and controlled in accordance with those sections;

(c) whether all necessary records, information and explanations were received from the financial services licensee.