Corporations Act 2001
View history note
Hide history noteCCH note - modifying legislative instruments: The application of Division 3 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251.
For legislative instruments or class orders before 1 January 2022 that affect the application of Division 3, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
Note: This Division applies to sub-funds of retail CCIVs in a modified form: see section 1232G .
CCH note: This provision is modified by legislative instruments. See the CCH note at the end of the provision for details.
If an individual auditor, or an audit company, conducts:
(a) an audit or review of the financial report for a financial year; or
(b) an audit or review of the financial report for a half-year;
the individual auditor or audit company must conduct the audit or review in accordance with the auditing standards.
307A(2)
If an audit firm, or an audit company, conducts:
(a) an audit or review of the financial report for a financial year; or
(b) an audit or review of the financial report for a half-year;
the lead auditor for the audit or review must ensure that the audit or review is conducted in accordance with the auditing standards.
Fault-based offence
307A(3)
A person commits an offence if the person contravenes subsection (1) or (2).
Strict liability offence
307A(4)
A person commits an offence of strict liability if the person contravenes subsection (1) or (2).
CCH Note - modifying legislative instruments: Section 307A is modified by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251.
For modifying legislative instruments or class orders before 1 January 2022, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.