THE CORPORATIONS LAW

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT

PART 2M.3 - FINANCIAL REPORTING

Division 3 - Audit and auditor's report

SECTION 308   AUDITOR'S REPORT ON ANNUAL FINANCIAL REPORT  

308(1)  [Report to members]  

An auditor who audits the financial report for a financial year must report to members on whether the auditor is of the opinion that the financial report is in accordance with this Law, including:

(a)  section 296 (compliance with accounting standards); and

(b)  section 297 (true and fair view).

If not of that opinion, the auditor's report must say why.

308(2)  [Non-compliance with accounting standard]  

If the auditor is of the opinion that the financial report does not comply with an accounting standard, the auditor's report must, to the extent it is practicable to do so, quantify the effect that non-compliance has on the financial report. If it is not practicable to quantify the effect fully, the report must say why.

308(3)  [Defects or irregularities]  

The auditor's report must describe:

(a)  any defect or irregularity in the financial report; and

(b)  any deficiency, failure or shortcoming in respect of the matters referred to in paragraph 307(b), (c) or (d).

308(4)  [Date]  

The report must specify the date on which it is made.