Document ID: chunk:federal_register_of_legislation:C2024C00492:section:6:p115
Version: federal_register_of_legislation:C2024C00492
Segment Type: section
Provision Reference: s 6 (pt 115/175)
Character Range: 463039–465859

the financial report is required to be conducted in accordance with some or all of the auditing standards, the auditor's report must include any statements or disclosures required by those auditing standards.
Penalty: 50 penalty units.
 (5) The auditor's report must contain any other information required by the regulations.
 (6) The report must specify the date on which it is made.
Penalty: 50 penalty units.
 (7) An offence against subsection (1), (3), (4) or (6) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

339‑45  Other requirements in relation to auditor's report
  The auditor's report must be prepared in the manner required by the regulations.

339‑50  Auditor's independence declaration

Application of section
 (1) This section applies if:
 (a) section 339‑75 applies in relation to the audit of a financial report of the Aboriginal and Torres Strait Islander corporation; or
 (b) regulations made for the purposes of section 339‑80 provide for auditor independence requirements to be met in relation to the audit of a financial report of the Aboriginal and Torres Strait Islander corporation.

Contravention by individual auditor
 (2) If the auditor is an individual auditor, the auditor must give the directors of the corporation either:
 (a) a written declaration that, to the best of the auditor's knowledge and belief, there have been:
 (i) no contraventions of the auditor independence requirements of this Act in relation to the audit; and
 (ii) no contraventions of any applicable code of professional conduct in relation to the audit; or
 (b) 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
 (ii) any applicable code of professional conduct in relation to the audit;
  are those contraventions the details of which are set out in the declaration.
Penalty: 10 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.

Contravention by lead auditor
 (4) If the auditor is an audit firm or audit company, the lead auditor for the audit must give the directors of the corporation:
 (a) 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; and
 (ii) no contraventions of any applicable code of professional 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