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-B - Conduct of the audit  

SECTION 339-40   AUDITOR ' S REPORT  

339-40(1)    
The auditor of a financial report must prepare a report for the corporation ' s members on whether the auditor is of the opinion that the financial report is in accordance with:

(a)    this Act ; and

(b)    any applicable regulations made for the purposes of sections 333-10 and 333-15 ; and

(c)    any applicable determinations made by the Registrar under section 336-1 or 336-5 . If not of that opinion, the auditor ' s report must say why.

Penalty: 50 penalty units.

339-40(2)    
If:

(a)    the financial report is required to comply with the accounting standards; and

(b)    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.

Penalty: 50 penalty units.

339-40(3)    
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 339-30(b) , (c) or (d) .

Penalty: 50 penalty units.

339-40(4)    
If the audit of the financial report is required to be conducted in accordance with some or all of the auditing standards, the auditor ' s report must include any statements or disclosures required by those auditing standards.

Penalty: 50 penalty units.

339-40(5)    
The auditor ' s report must contain any other information required by the regulations.

339-40(6)    
The report must specify the date on which it is made.

Penalty: 50 penalty units.

339-40(7)    
An offence against subsection (1) , (3) , (4) or (6) is an offence of strict liability.

Note:

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