Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Act 2024 (87 of 2024)

Schedule 4   Sustainability reporting

Part 2   Audit

Corporations Act 2001

108   After section 309

Insert:

309A Auditor's report on sustainability report

Audit of sustainability report

(1) An auditor who audits the sustainability report for a financial year must report to members in accordance with subsections (2), (3), (4) and (5) on whether the auditor is of the opinion that the sustainability report is in accordance with this Act, including:

(a) subsection 296A(2) or 296B(1) (contents of climate statements); and

(b) section 296C (compliance with sustainability standards etc.); and

(c) section 296D (climate statement disclosures).

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

(2) The auditor's report must describe:

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

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

Requirements for report

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

(4) If the sustainability report includes additional information under paragraph 296A(3)(c), the auditor's report must also include a statement of the auditor's opinion on whether the inclusion of that additional information was necessary to make the disclosures required by section 296D.

(5) The auditor's report must specify the date on which it is made.

Offences

(6) An offence based on subsection (1) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.