Document ID: chunk:federal_register_of_legislation:C2024C00345:section:257:p1
Version: federal_register_of_legislation:C2024C00345
Segment Type: section
Provision Reference: s 257 (pt 1/2)
Character Range: 399874–402490

257  Powers and duties of auditors
 (1) An auditor of a reporting unit must audit the financial report of the reporting unit for each financial year and must make a report in relation to the year to the reporting unit.
 (2) An auditor, or a person authorised by an auditor for the purposes of this subsection, is:
 (a) entitled at all reasonable times to full and free access to all records and other documents of the reporting unit relating directly or indirectly to the receipt or payment of money, or to the acquisition, receipt, custody or disposal of assets, by the reporting unit; and
 (b) entitled to seek from any designated officer, or employee of the reporting unit, such information and explanations as the auditor or authorised person wants for the purposes of the audit.
 (3) If an auditor requests an officer, employee or member of an organisation to produce records or other documents under paragraph (2)(a), the request must:
 (a) be in writing; and
 (b) specify the nature of the records or other documents to be produced; and
 (c) specify how and where the records or other documents are to be produced; and
 (d) specify a period (of not less than 14 days after the notice is given) within which the records or other documents are to be produced.
 (4) If an auditor authorises a person for the purposes of subsection (2), the auditor must serve on the reporting unit a notification that sets out the name and address of the person.
 (5) An auditor must, in his or her report, state whether in the auditor's opinion the general purpose financial report is presented fairly in accordance with any of the following that apply in relation to the reporting unit:
 (a) the Australian Accounting Standards;
 (b) any other requirements imposed by this Part.
If not of that opinion, the auditor's report must say why.
 (6) If the auditor is of the opinion that the general purpose financial report does not so comply, the auditor's report must, to the extent it is practicable to do so, quantify the effect that non‑compliance has on the general purpose financial report. If it is not practicable to quantify the effect fully, the report must say why.
 (7) The auditor's report must describe:
 (a) any defect or irregularity in the general purpose financial report; and
 (b) any deficiency, failure or shortcoming in respect of the matters referred to in subsection (2) or section 252.
 (8) The form and content of the auditor's report must be in accordance with the Australian Auditing Standards.
 (9) The auditor's report must be dated as at the date that the auditor signs the report and must be given to