Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 7 - RECORD KEEPING, REPORTING REQUIREMENTS AND BOOKS  

PART 7-3 - REPORTING REQUIREMENTS  

Division 339 - Audit of financial reports  

Subdivision 339-D - Auditor independence  

SECTION 339-75   INDEPENDENCE OF AUDITORS: APPLICATION OF CORPORATIONS ACT AUDITOR INDEPENDENCE PROVISIONS  
Application of section

339-75(1)    
This section applies in relation to the audit of a financial report of an Aboriginal and Torres Strait Islander corporation if:

(a)    one of the following imposes a requirement in relation to the audit:

(i) an applied provision of the Corporations Act ;

(ii) regulations made for the purposes of section 333-15 ;

(iii) a determination by the Registrar under section 336-1 or 336-5 ; and

(b)    the requirement is that the auditor be:

(i) an individual auditor who is a registered company auditor; or

(ii) an audit firm that has at least one member who is a registered company auditor who is ordinarily resident in Australia; or

(iii) an authorised audit company.

339-75(2)    
The Corporations Act auditor independence provisions apply in relation to the audit as if:

(a)    references in those provisions to an audited body were references to an Aboriginal and Torres Strait Islander corporation; and

(b)    references in those provisions to a company were references to an Aboriginal and Torres Strait Islander corporation.

The Corporations Act auditor independence provisions apply with the modifications set out in the regulations.

339-75(3)    
Regulations made for the purposes of subsection (2) must not:

(a)    increase, or have the effect of increasing, the maximum penalty for any offence; or

(b)    widen, or have the effect of widening, the scope of any offence.

339-75(4)    
In this Act :

Corporations Act auditor independence provisions
means:

(a) Division 3 of Part 2M.4 of the Corporations Act ; and

(b) the provisions of that Act (including Parts 1.2 and 9.4 and Schedule 3 but not including Parts 1.1 , 1.1A and 9.4A ) to the extent to which they relate to the operation of Part 2M.4 of that Act; and

(c) the regulations made under that Act for the purposes of Part 2M.4 of that Act and the provisions referred to in paragraph (b).