Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS, SUSTAINABILITY REPORTS AND AUDIT  

PART 2M.4A - ANNUAL TRANSPARENCY REPORTS FOR AUDITORS  

SECTION 332G   OFFENCES BY MEMBERS OF AUDIT FIRM  

332G(1)    
This Part applies to an audit firm as if it were a person, but with the changes set out in this section.

332G(2)    
An obligation that would otherwise be imposed on the firm by a provision of this Part is imposed on each member of the firm instead, but may be discharged by any of the members.

332G(3)    
An offence based on a provision of this Part that would otherwise be committed by the audit firm is taken to have been committed by each member of the firm.

332G(4)    
A member of the firm does not commit an offence because of subsection (3) if the member:

(a) does not know of the circumstances that constitute the contravention of the provision concerned; or

(b) knows of those circumstances but takes all reasonable steps to correct the contravention as soon as possible after the member becomes aware of those circumstances.

Note: A defendant bears an evidential burden in relation to the matters in subsection (4) - see subsection 13.3(3) of the Criminal Code .