Document ID: chunk:federal_register_of_legislation:C2024C00492:section:6:p119
Version: federal_register_of_legislation:C2024C00492
Segment Type: section
Provision Reference: s 6 (pt 119/175)
Character Range: 473106–475724

to the audit of a financial report of an Aboriginal and Torres Strait Islander corporation:
 (i) an applied provision of the Corporations Act;
 (ii) regulations made for the purposes of section 333‑15;
 (iii) a determination by the Registrar under section 336‑1 or 336‑5; and
 (b) the requirement is that, if the auditor is an audit firm, the audit firm must have a member or members who have particular qualifications or experience; and
 (c) at a particular time, a firm acts as auditor in relation to the financial report or a part of it; and
 (d) at that time, the firm does not have a member or members who satisfy the requirement referred to in paragraph (b); and
 (e) the defendant is a member of the firm at that time; and
 (f) the defendant is aware of the circumstances referred to in paragraphs (c) and (d) at that time.
Penalty: 25 penalty units or imprisonment for 6 months, or both.
 (2) A person (the defendant) contravenes this subsection if:
 (a) one of the following imposes a requirement in relation to the audit of a financial report of an Aboriginal and Torres Strait Islander corporation:
 (i) an applied provision of the Corporations Act;
 (ii) regulations made for the purposes of section 333‑15;
 (iii) a determination by the Registrar under section 336‑1 or 336‑5; and
 (b) the requirement is that, if the auditor is an audit firm, the audit firm must have a member or members who have particular qualifications or experience; and
 (c) at a particular time, a firm acts as auditor in relation to the financial report or a part of it; and
 (d) at that time, the firm does not satisfy the requirement referred to in paragraph (b); and
 (e) the defendant is a member of the firm at that time.
Penalty: 10 penalty units.
 (3) For the purposes of an offence based on subsection (2), strict liability applies to the physical elements of the offence specified in paragraphs (2)(a) and (b).
Note 1: For strict liability, see section 6.1 of the Criminal Code.
Note 2: Subsection (4) provides a defence.
 (4) A member of an audit firm does not commit an offence at a particular time because of a contravention of subsection (2) if the member either:
 (a) does not know at that time of the circumstances that constitute the contravention of subsection (2); or
 (b) does know of those circumstances at that time but takes all reasonable steps to correct the contravention as soon as possible after the member becomes aware of those circumstances.
Note: A defendant bears an evidential burden in relation to the matters in subsection (4) (see subsection 13.3(3) of the Criminal Code).

339‑70  Registration