Document ID: chunk:federal_register_of_legislation:F2022C01208:reg:14:p46
Version: federal_register_of_legislation:F2022C01208
Segment Type: reg
Provision Reference: reg 14 (pt 46/57)
Character Range: 137527–140484

affect auditors engaged to undertake a review engagement in accordance with the Act.

  4. Section 302 states:

  "A disclosing entity[22] must:

    a)      prepare a financial report and directors' report for each half‑year; and

    b)      have the financial report audited or reviewed in accordance with Division 3 and obtain an auditor's report; and

    c)      lodge the financial report, the director's report and the auditor's report on the financial report with ASIC;

  unless the entity is not a disclosing entity when lodgement is due".

  5. Section 303(1) states:

  "The financial report for a half‑year consists of:

    a)      the financial statements for the half‑year;

    b)      the notes to the financial statements; and

    c)      the directors' declaration about the statements and notes".

  6. Section 304 states:

  "The financial report for a half‑year must comply with the accounting standards and any further requirements in the regulations".

  7. Section 305 states:

  "The financial statements and notes for a half‑year must give a true and fair view of:

    a)      the financial position and performance of the disclosing entity; or

    b)      if consolidated financial statements are required—the financial position and performance of the consolidated entity.

  This section does not affect the obligation under section 304 for financial reports to comply with accounting standards."

  Note: If the financial statements prepared in compliance with the accounting standards would not give a true and fair view, additional information must be included in the notes to the financial statements under paragraph 303(3)(c)".

  8. Section 309(4) states:

  "An auditor who reviews the financial report for a half‑year must report to members on whether the auditor became aware of any matter in the course of the review that makes the auditor believe the financial report does not comply with Division 2".

  9. Section 309(5) states:

  "A report under subsection (4) must:

    a)      Describe any matter referred to in subsection (4); and

    b)      Say why that matter makes the auditor believe that the financial report does not comply with Division 2".

  10. Section 309(5A) states:

  "The auditor's report must include any statements or disclosures required by the auditing standards".

  11. Section 320 states:

  "A disclosing entity that has to prepare or obtain a report for a half‑year under Division 2 must lodge the report with ASIC within 75 days after the end of the half‑year".

Other Information – ASIC and ASX

  12. An auditor, in the role of auditor, is required by section 311 of the Act to notify ASIC if the auditor is aware of certain circumstances.  ASIC Regulatory Guide 34 Auditors' obligations: reporting to ASIC (May 2013), provides guidance to help auditors comply with their obligations under section 311 of the Act.

  13. ASIC and the ASX have agreed that listed entities can