Document ID: chunk:federal_register_of_legislation:C2004A01334:clause:1_307c:p1
Version: federal_register_of_legislation:C2004A01334
Segment Type: clause
Provision Reference: sch 1 cl 307C (pt 1/2)
Character Range: 73156–75909

307C  Auditor's independence declaration

Contravention by individual auditor

 (1) If an individual auditor conducts:
 (a) an audit of the financial report for a financial year; or
 (b) an audit or review of the financial report for a half‑year;
the individual auditor must give the directors of the company, registered scheme or disclosing entity:
 (c) a written declaration that, to the best of the individual auditor's knowledge and belief, there have been:
 (i) no contraventions of the auditor independence requirements of this Act in relation to the audit or review; and
 (ii) no contraventions of any applicable code of professional conduct in relation to the audit or review; or
 (d) a written declaration that, to the best of the individual auditor's knowledge and belief, the only contraventions of:
 (i) the auditor independence requirements of this Act in relation to the audit or review; or
 (ii) any applicable code of professional conduct in relation to the audit or review;
  are those contraventions details of which are set out in the declaration.

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

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

Contravention by lead auditor

 (3) If an audit firm or audit company conducts:
 (a) an audit of the financial report for a financial year; or
 (b) an audit or review of the financial report for a half‑year;
the lead auditor for the audit must give the directors of the company, registered scheme or disclosing entity:
 (c) a written declaration that, to the best of the lead auditor's knowledge and belief, there have been:
 (i) no contraventions of the auditor independence requirements of this Act in relation to the audit or review; and
 (ii) no contraventions of any applicable code of professional conduct in relation to the audit or review; or
 (d) 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 review; or
 (ii) any applicable code of professional conduct in relation to the audit or review;
  are those contraventions details of which are set out in the declaration.

 (4) An offence based on subsection (3) is an offence of strict liability.

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

 (5) The declaration under subsection (1) or (3):
 (a) must be given when the audit report is given to the directors of the company, registered scheme or disclosing entity; and
 (b) must be signed by the person making the declaration.

Self‑incrimination

 (6) An individual is not excused from giving a declaration under subsection (1) or (3) on the ground that giving the