Document ID: chunk:federal_register_of_legislation:C2024C00492:section:6:p116
Version: federal_register_of_legislation:C2024C00492
Segment Type: section
Provision Reference: s 6 (pt 116/175)
Character Range: 465622–468358

conduct in relation to the audit; or
 (b) a written declaration that, to the best of the lead auditor's knowledge and belief, the only contraventions of:
 (i) the auditor independence requirements of this Act in relation to the audit; or
 (ii) any applicable code of professional conduct in relation to the audit;
  are those contraventions details of which are set out in the declaration.
Penalty: 10 penalty units.
 (5) An offence against subsection (4) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
 (6) The declaration under subsection (2) or (4):
 (a) must be given when the audit report is given to the directors of the corporation; and
 (b) must be signed by the person making the declaration.

Self‑incrimination
 (7) An individual is not excused from giving a declaration under subsection (2) or (4) on the ground that giving the declaration might tend to incriminate the individual or expose the individual to a penalty.

Use/derivative use indemnity
 (8) However, neither:
 (a) the information included in the declaration; nor
 (b) any information, document or thing obtained as a direct or indirect consequence of including the information in the declaration;
is admissible in evidence against the individual in any criminal proceedings, or in any proceedings that would expose the person to a penalty, other than:
 (c) proceedings for an offence against section 561‑1 or 561‑5 in relation to the declaration; or
 (d) proceedings for an offence against section 137.1 or 137.2 of the Criminal Code (false or misleading information or documents) in relation to the declaration.

339‑55  Audit working papers to be retained for 7 years

Application of section
 (1) This section applies if the audit is required to be conducted in accordance with the auditing standards.

Offence by individual auditor or audit company
 (2) The auditor commits an offence if:
 (a) the auditor is an individual auditor or an audit company; and
 (b) the auditor does not retain all audit working papers prepared by or for, or considered or used by, the auditor in accordance with the requirements of the auditing standards until:
 (i) the end of 7 years after the date of the audit report prepared in relation to the audit to which the audit working papers relate; or
 (ii) an earlier date determined for the audit working papers by the Registrar under subsection (7).
Penalty: 50 penalty units.
 (3) An offence against subsection (2) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

Offence by member of audit firm
 (4) A person (the defendant) commits an offence if:
 (a) the auditor is an audit firm; and
 (b) the audit firm fails, at a