Document ID: chunk:federal_register_of_legislation:C2024C00492:section:6:p114
Version: federal_register_of_legislation:C2024C00492
Segment Type: section
Provision Reference: s 6 (pt 114/175)
Character Range: 460525–463300

and 333‑15; and
 (iii) any applicable determinations made by the Registrar under section 336‑1 or 336‑5; and
 (b) whether the auditor has been given all information, explanations and assistance necessary for the conduct of the audit; and
 (c) whether the corporation has kept financial records sufficient to enable the financial report to be prepared and audited; and
 (d) whether the corporation has kept other records and registers as required by this Act; and
 (e) any other matter specified in the regulations.

339‑35  Auditor obligations in relation to auditing standards
 (1) This section applies if the audit of a financial report is required to be conducted in accordance with the auditing standards.
 (2) If an individual auditor, or an audit company, conducts the audit of the financial report, the individual auditor or audit company must conduct the audit in accordance with the auditing standards.
Penalty: 50 penalty units.
 (3) If an audit firm, or an audit company, conducts the audit of the financial report, the lead auditor for the audit must ensure that the audit is conducted in accordance with the auditing standards.
Penalty: 50 penalty units.
 (4) An offence against subsection (2) or (3) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

339‑40  Auditor's report
 (1) The auditor of a financial report must prepare a report for the corporation's members on whether the auditor is of the opinion that the financial report is in accordance with:
 (a) this Act; and
 (b) any applicable regulations made for the purposes of sections 333‑10 and 333‑15; and
 (c) any applicable determinations made by the Registrar under section 336‑1 or 336‑5.
If not of that opinion, the auditor's report must say why.
Penalty: 50 penalty units.
 (2) If:
 (a) the financial report is required to comply with the accounting standards; and
 (b) 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 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.
Penalty: 50 penalty units.
 (3) 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 339‑30(b), (c) or (d).
Penalty: 50 penalty units.
 (4) If the audit of the financial report is required to be conducted in accordance with some or all of the auditing standards, the auditor's report must include any statements or disclosures required by those auditing standards.
Penalty: 50 penalty units.
 (5) The auditor's report