CORPORATIONS ACT 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.3 - FINANCIAL REPORTING  

Division 3 - Audit and auditor's report  

SECTION 309   AUDITOR'S REPORT ON HALF-YEAR FINANCIAL REPORT  

309(1)   Audit of financial report.  

An auditor who audits the financial report for a half-year must report to members on whether the auditor is of the opinion that the financial report is in accordance with this Act, including:


(a) section 304 (compliance with accounting standards); and


(b) section 305 (true and fair view).

If not of that opinion, the auditor's report must say why.

309(2)   [ Non-compliance with accounting standard]  

If the auditor is of the opinion that the financial report does not comply with an accounting standard, the auditor's report must, to the extent that it is practicable to do so, quantify the effect that non-compliance has on the financial report. If it is not practicable to quantify the effect fully, the report must say why.

309(3)   [ Defects and irregularities]  

The auditor's report must describe:


(a) any defect or irregularity in the financial report; and


(b) any deficiency, failure or shortcoming in respect of the matters referred to in paragraph 307 (b), (c) or (d).

309(4)   Review of financial report.  

An auditor who reviews the financial report for a half-year must report to members on whether the auditor became aware of any matter in the course of the review that makes the auditor believe that the financial report does not comply with Division 2 .

309(5)   [ Report]  

A report under subsection (4) must:


(a) describe any matter referred to in subsection (4); and


(b) say why that matter makes the auditor believe that the financial report does not comply with Division 2 .

309(5A)   [ Auditing standards disclosures]  

The auditor's report must include any statements or disclosures required by the auditing standards.

309(5B)   [ Information included to give true and fair view]  

If the financial report includes additional information under paragraph 303(3) (c) (information included to give true and fair view of financial position and performance), the auditor's report must also include a statement of the auditor's opinion on whether the inclusion of that additional information was necessary to give the true and fair view required by section 305 .

309(6)   Report to specify day made.  

A report under subsection (1) or (4) must specify the date on which it is made.

309(7)   [ Strict liability offence]  

An offence based on subsection (1), (3), (4), (5), (5A) or (6) is an offence of strict liability.

Note: For strict liability see section 6.1 of the Criminal Code .


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