CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE  

Division 6 - Financial records, statements and audit  

Subdivision C - Financial statements of financial services licensees  

SECTION 989CA   AUDIT TO BE CONDUCTED IN ACCORDANCE WITH AUDITING STANDARDS  

989CA(1)   [ Individual auditor or audit company]  

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)   [ Lead auditor]  

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.

989CA(3)   [ Strict liability offence]  

An offence based on subsection (1) or (2) is an offence of strict liability.

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


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