Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1707e
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1707E
Character Range: 6287419–6289812

1707E  Accounting standards must deal with audit and review of sustainability reports before 1 July 2030
 (1) This section applies in relation to a sustainability report for a financial year commencing on or before 30 June 2030.

AUASB must make standards to specify the extent of, and provide for, audit and review of sustainability reports
 (2) The AUASB must make auditing standards under section 336 that:
 (a) specify:
 (i) the extent to which the sustainability report must be audited; or
 (ii) that the sustainability report is not required to be audited to any extent; and
 (b) specify:
 (i) the extent to which the sustainability report must be reviewed; or
 (ii) that the sustainability report is not required to be reviewed to any extent; and
 (c) if a sustainability report must be audited or reviewed to any extent—provide standards for such audits or reviews.

Modified references to audit and review
 (3) Paragraph 301A(a) or 715(2A)(b) has effect as if the reference to audited in that paragraph were a reference to:
 (a) audited to the extent (if any) required by the auditing standards; and
 (b) reviewed to the extent (if any) required by the auditing standards.
 (4) If the AUASB makes auditing standards for the purposes of subsection (2) of this section that require a sustainability report to be reviewed to any extent, references in this Act and the ASIC Act (other than in sections 307AA and 309A of this Act and this section):
 (a) to audit include a reference to a review of a sustainability report; and
 (b) to an auditor's report include a reference to an auditor's report under section 1707F(2).
 (5) Section 307AA has effect as if:
 (a) the reference in paragraph 307AA(a) to the sustainability report were a reference to the sustainability report to the extent (if any) that it is required to be audited by the auditing standards; and
 (b) the reference in paragraph 307AA(c) to audited were a reference to audited to the extent (if any) required to by the auditing standards.
 (6) Subsection 309A(1) has effect as if the reference in that subsection to whether the auditor is of the opinion that the sustainability report is in accordance with this Act were a reference to whether the auditor is of the opinion that the sustainability report, to the extent (if any) that it is required to be audited by the auditing standards, is in accordance with this Act.