Document ID: chunk:federal_register_of_legislation:C2025C00185:section:307c:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 307C (pt 1/3)
Character Range: 1123455–1126225

307C  Auditor's independence declaration

Contravention by individual auditor
 (1) If an individual auditor conducts:
 (a) an audit or review of the financial report for a financial year; or
 (b) an audit or review of the financial report for a half‑year; or
 (ba) an audit of the sustainability report for the financial year;
the individual auditor must give the directors of the company, registered scheme, registrable superannuation entity or disclosing entity:
 (c) a written declaration that, to the best of the individual auditor's knowledge and belief, there have been:
 (i) no contraventions of the auditor independence requirements of this Act in relation to the audit or review; and
 (ii) no contraventions of any applicable code of professional conduct in relation to the audit or review; or
 (d) 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 review; or
 (ii) any applicable code of professional conduct in relation to the audit or review;
  are those contraventions details of which are set out in the declaration.
 (2) An offence based on subsection (1) is an offence of strict liability.
Note: For strict liability see section 6.1 of the Criminal Code.

Contravention by lead auditor
 (3) If an audit firm or audit company conducts:
 (a) an audit or review of the financial report for a financial year; or
 (b) an audit or review of the financial report for a half‑year; or
 (ba) an audit of the sustainability report for the financial year;
the lead auditor for the audit must give the directors of the company, registered scheme, registrable superannuation entity or disclosing entity:
 (c) 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 or review; and
 (ii) no contraventions of any applicable code of professional conduct in relation to the audit or review; or
 (d) 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 review; or
 (ii) any applicable code of professional conduct in relation to the audit or review;
  are those contraventions details of which are set out in the declaration.
 (4) An offence based on subsection (3) is an offence of strict liability.
Note: For strict liability see section 6.1 of the Criminal Code.
 (5) The declaration under subsection (1) or (3):
 (a) either:
 (i) must be given when the auditor's report is given to the directors of the company, registered scheme,