Document ID: chunk:federal_register_of_legislation:C2024C00492:section:6:p124
Version: federal_register_of_legislation:C2024C00492
Segment Type: section
Provision Reference: s 6 (pt 124/175)
Character Range: 485363–488125

commenting on it in the auditor's report or bringing it to the attention of the directors; and
 (d) the person does not notify the Registrar in writing of those circumstances as soon as practicable, and in any case within 28 days, after the person becomes aware of those circumstances.
Penalty: 50 penalty units or imprisonment for 12 months, or both.

Significant contraventions
 (4) In determining for the purposes of this section whether a contravention of this Act is a significant one, have regard to:
 (a) the level of penalty provided for in relation to the contravention; and
 (b) the effect that the contravention has, or may have, on:
 (i) the overall financial position of the corporation; or
 (ii) the adequacy of the information available about the overall financial position of the corporation; and
 (c) any other relevant matter.
 (5) Without limiting paragraph (4)(a), a penalty provided for in relation to a contravention of a provision of Part 7‑2 or 7‑3, includes a penalty imposed on a director, because of the operation of section 363‑1, for failing to take reasonable steps to comply with, or to secure compliance with, that provision.

Person involved in an audit
 (6) A person involved in the conduct of an audit is:
 (a) the auditor; or
 (b) the lead auditor for the audit; or
 (c) the review auditor for the audit; or
 (d) a professional member of the audit team for the audit; or
 (e) any other person involved in the conduct of the audit.

339‑95  Assisting auditor
 (1) An officer of an Aboriginal and Torres Strait Islander corporation must:
 (a) allow the auditor access to the books of the corporation; and
 (b) give the auditor any information, explanation or assistance required under section 339‑85.
Penalty: 25 penalty units or imprisonment for 6 months, or both.
Note: Books include registers and documents generally (not only the accounting "books") (see the definition of books in section 700‑1).
 (2) An offence against subsection (1) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

Subdivision 339‑F—Appointment and removal of auditors

339‑100  Appointment and removal of auditors
 (1) The regulations may make provision in relation to the appointment and removal of auditors for Aboriginal and Torres Strait Islander corporations.
 (2) Without limiting subsection (1), the regulations:
 (a) may impose an obligation to replace an auditor who ceases to be auditor; and
 (b) may give the Registrar the power to appoint an auditor in particular circumstances; and
 (c) may provide for the process by which an auditor is appointed; and
 (d) may provide for the process by which an auditor's appointment may be terminated; and
 (e) may provide that an auditor may resign