CORPORATIONS ACT 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.4A - ANNUAL TRANSPARENCY REPORTS FOR AUDITORS  

SECTION 332G   OFFENCES BY MEMBERS OF AUDIT FIRM  

332G(1)  
This Part applies to an audit firm as if it were a person, but with the changes set out in this section.

332G(2)  
An obligation that would otherwise be imposed on the firm by a provision of this Part is imposed on each member of the firm instead, but may be discharged by any of the members.

332G(3)  
An offence based on a provision of this Part that would otherwise be committed by the audit firm is taken to have been committed by each member of the firm.

332G(4)  
A member of the firm does not commit an offence because of subsection (3) if the member:


(a) does not know of the circumstances that constitute the contravention of the provision concerned; or


(b) knows of those circumstances but takes all reasonable steps to correct the contravention as soon as possible after the member becomes aware of those circumstances.

Note: A defendant bears an evidential burden in relation to the matters in subsection (4) - see subsection 13.3(3) of the Criminal Code .


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