Document ID: chunk:federal_register_of_legislation:C2004A01334:clause:1_307a
Version: federal_register_of_legislation:C2004A01334
Segment Type: clause
Provision Reference: sch 1 cl 307A
Character Range: 42097–42938

307A  Audit to be conducted in accordance with auditing standards

 (1) If an individual auditor, or an 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 individual auditor or audit company must conduct the audit or review in accordance with the auditing standards.

 (2) If an audit firm, or an 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 or review must ensure that the audit or review is conducted in accordance with the auditing standards.

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

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