Document ID: chunk:federal_register_of_legislation:F2024C00932:reg:28
Version: federal_register_of_legislation:F2024C00932
Segment Type: reg
Provision Reference: reg 28
Character Range: 29337–30345

28  Requirement for certain financial reports to be audited
 (1) This section applies to an Aboriginal and Torres Strait Islander corporation that has prepared a financial report for a financial year in accordance with subsection 27(1).
 (2) This section is made for the purposes of subsection 333‑15(1) and paragraphs 333‑15(2)(a), (b) and (d) of the Act.
 (3) The corporation must have the financial report audited and must obtain an auditor's report.
 (4) The auditor of the financial report must be:
 (a) a person or entity mentioned in subsection 24(3); or
 (b) a chartered accountant or an affiliate of Chartered Accountants Australia and New Zealand; or
 (c) a certified practising accountant or a fellow of CPA Australia; or
 (d) a member or fellow of the Institute of Public Accountants.
 (5) The audit of the financial report must be conducted in accordance with the auditing standards.
Note: For the definition of auditing standard, see section 700‑1 of the Act.

Division 3—Auditor independence