Corporations Act 2001
CHAPTER 7
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FINANCIAL SERVICES AND MARKETS
If an individual auditor, or an audit company, conducts an audit of a profit and loss statement and balance sheet for the purposes of this Subdivision, the individual auditor or audit company must:
(a) conduct the audit in accordance with the auditing standards; and
(b) include in the audit report on the profit and loss statement, and balance sheet, any statements or disclosures required by the auditing standards. 989CA(2)
If an audit firm, or an audit company, conducts an audit of a profit and loss statement and balance sheet for the purposes of this Subdivision, the lead auditor for the audit or review must ensure that:
(a) the audit is conducted in accordance with the auditing standards; and
(b) the audit report on the profit and loss statement, and balance sheet, includes any statements or disclosures required by the auditing standards. Fault-based offence 989CA(3)
A person commits an offence if the person contravenes subsection (1) or (2).
A person commits an offence of strict liability if the person contravenes subsection (1) or (2).
PART 7.8
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OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE
Division 6
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Financial records, statements and audit
Subdivision C
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Financial statements of financial services licensees
SECTION 989CA
AUDIT TO BE CONDUCTED IN ACCORDANCE WITH AUDITING STANDARDS
989CA(1)
If an individual auditor, or an audit company, conducts an audit of a profit and loss statement and balance sheet for the purposes of this Subdivision, the individual auditor or audit company must:
(a) conduct the audit in accordance with the auditing standards; and
(b) include in the audit report on the profit and loss statement, and balance sheet, any statements or disclosures required by the auditing standards. 989CA(2)
If an audit firm, or an audit company, conducts an audit of a profit and loss statement and balance sheet for the purposes of this Subdivision, the lead auditor for the audit or review must ensure that:
(a) the audit is conducted in accordance with the auditing standards; and
(b) the audit report on the profit and loss statement, and balance sheet, includes any statements or disclosures required by the auditing standards. Fault-based offence 989CA(3)
A person commits an offence if the person contravenes subsection (1) or (2).
Strict liability offence
989CA(4)
A person commits an offence of strict liability if the person contravenes subsection (1) or (2).
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