Corporations Legislation Amendment (Simpler Regulatory System) Act 2007 (101 of 2007)

Schedule 1   Amendments

Part 1   Amendments commencing on Royal Assent

Corporations Act 2001

35   After subsection 307C(5)

Insert:

(5A) A declaration under subsection (1) or (3) in relation to a financial report for a financial year or half-year satisfies the conditions in this subsection if:

(a) the declaration is given to the directors of the company, registered scheme or disclosing entity before the directors pass a resolution under subsection 298(2) or 306(3) (as the case requires) in relation to the directors' report for the financial year or half-year; and

(b) a director signs the directors' report within 7 days after the declaration is given to the directors; and

(c) the auditor's report on the financial report is made within 7 days after the directors' report is signed; and

(d) the auditor's report includes either of the following statements:

(i) a statement to the effect that the declaration would be in the same terms if it had been given to the directors at the time the auditor's report was made;

(ii) a statement to the effect that circumstances have changed since the declaration was given to the directors, and setting out how the declaration would differ if it had been given to the directors at the time the auditor's report was made.

(5B) An individual auditor or a lead auditor is not required to give a declaration under subsection (1) or (3) in respect of a contravention if:

(a) the contravention was a contravention by a person of subsection 324CE(2), 324CF(2) or 324CG(2); and

(b) the person does not commit an offence because of subsection 324CE(4), 324CF(4) or 324CG(4).