Document ID: chunk:federal_register_of_legislation:C2024C00492:section:6:p121
Version: federal_register_of_legislation:C2024C00492
Segment Type: section
Provision Reference: s 6 (pt 121/175)
Character Range: 477902–480694

particular time, a company acts as auditor in relation to the report or that part of it; and
 (d) at that time, the company is not an authorised audit company; and
 (e) the defendant is a director of the company at that time.
Penalty: 10 penalty units.
 (4) For the purposes of an offence based on subsection (3), strict liability applies to the physical elements of the offence specified in paragraphs (3)(c) and (d).
Note 1: For strict liability, see section 6.1 of the Criminal Code.
Note 2: Subsection (5) provides a defence.
 (5) A director of a company does not commit an offence at a particular time because of a contravention of subsection (3) if the director either:
 (a) does not know at that time of the circumstances that constitute the contravention of subsection (3); or
 (b) knows of those circumstances at that time but takes all reasonable steps to correct the contravention of subsection (3) as soon as possible after the director becomes aware of those circumstances.
Note: A defendant bears an evidential burden in relation to the matters in subsection (5) (see subsection 13.3(3) of the Criminal Code).

Subdivision 339‑D—Auditor independence

339‑75  Independence of auditors: application of Corporations Act auditor independence provisions

Application of section
 (1) This section applies in relation to the audit of a financial report of an Aboriginal and Torres Strait Islander corporation if:
 (a) one of the following imposes a requirement in relation to the audit:
 (i) an applied provision of the Corporations Act;
 (ii) regulations made for the purposes of section 333‑15;
 (iii) a determination by the Registrar under section 336‑1 or 336‑5; and
 (b) the requirement is that the auditor be:
 (i) an individual auditor who is a registered company auditor; or
 (ii) an audit firm that has at least one member who is a registered company auditor who is ordinarily resident in Australia; or
 (iii) an authorised audit company.
 (2) The Corporations Act auditor independence provisions apply in relation to the audit as if:
 (a) references in those provisions to an audited body were references to an Aboriginal and Torres Strait Islander corporation; and
 (b) references in those provisions to a company were references to an Aboriginal and Torres Strait Islander corporation.
The Corporations Act auditor independence provisions apply with the modifications set out in the regulations.
 (3) Regulations made for the purposes of subsection (2) must not:
 (a) increase, or have the effect of increasing, the maximum penalty for any offence; or
 (b) widen, or have the effect of widening, the scope of any offence.
 (4) In this Act:
Corporations Act auditor independence provisions means:
 (a) Division 3 of Part 2M.4 of the Corporations Act; and
 (b) the provisions