Document ID: chunk:federal_register_of_legislation:C2024C00492:section:6:p112
Version: federal_register_of_legislation:C2024C00492
Segment Type: section
Provision Reference: s 6 (pt 112/175)
Character Range: 455419–458242

a member or members who have particular qualifications or experience; or
 (iii) an authorised audit company;
 (c) a requirement that a person may only participate in the conduct of the audit in a particular capacity if the person has the qualifications or experience specified in the regulations;
 (d) a requirement that the audit of the report, or a part of it, be conducted in accordance with the auditing standards.
This subsection does not limit paragraph (1)(b).

Determinations
 (8) A determination under subsection (1):
 (a) may be expressed to be subject to conditions; and
 (b) may be in respect of a past or future period but if it is in respect of a past period, the determination must be made no later than 6 years after the end of that period.
 (9) The Registrar may, in writing, revoke, vary or suspend a determination under subsection (1).

Notice of determinations
 (10) Notice of the making, revocation, variation or suspension of a determination under subsection (1) must be published in the Gazette.

Division 339—Audit of financial reports

Subdivision 339‑A—Introduction

339‑1  What this Division is about

      An Aboriginal and Torres Strait Islander corporation may be required to have its financial report for a financial year audited (see subsections 333‑15(1), 336‑1(7) and 336‑5(7)).
      This Division deals with the conduct of the audit of the financial report and the preparation of the auditor's report in relation to the financial report.
      The auditor's report must cover the matters set out in section 339‑40.
      Auditors are required to be independent of the corporations that they are auditing (see Subdivision 339‑D). Auditors also have certain powers and duties (see Subdivision 339‑E).

339‑5  Application of Division
 (1) This Division applies if:
 (a) an auditor undertakes an audit of a financial report, or a part of a financial report, of an Aboriginal and Torres Strait Islander corporation; and
 (b) one of the following requires the report, or that part of the report, to be audited:
 (i) this Act;
 (ii) regulations made for the purposes of section 333‑15;
 (iii) a determination by the Registrar under section 336‑1 or 336‑5.
 (2) If only a part of the report is required to be audited, this Division applies as if references to the financial report were references to that part of the financial report.

339‑10  When financial report required to comply with accounting standards
  A financial report is required to comply with the accounting standards if one of the following requires the report to comply with the accounting standards:
 (a) an applied provision of the Corporations Act;
 (b) regulations made for the purposes of section 333‑15;
 (c) a determination by the Registrar under section 336‑1 or 336‑5.

339‑15  When audit required to be conducted in