Australian Charities and Not-for-profits Commission Act 2012 (Cwth)

CHAPTER 3 - RESPONSIBILITIES OF REGISTERED ENTITIES  

PART 3-2 - RECORD KEEPING AND REPORTING  

Division 60 - Reporting  

Subdivision 60-C - Annual financial reports  

SECTION 60-30   AUDIT OR REVIEW  

60-30(1)    
The audit or review must be undertaken by:

(a)    a registered company auditor (within the meaning of the Corporations Act 2001 ); or

(b)    a firm:

(i) that consents to be appointed, or is appointed, as auditor of a registered entity; and

(ii) at least one member of which is a registered company auditor (within the meaning of that Act) who is ordinarily resident in Australia; or

(c)    an authorised audit company (within the meaning of that Act); or

(d)    an entity prescribed by the regulations for the purposes of this paragraph.

60-30(2)    
In the case of a review of the financial report of a medium registered entity, an individual who is taken to be a registered company auditor under subsection 324BE(1) of the Corporations Act 2001 is taken to be a registered company auditor for the purposes of this Subdivision.

Note: Subsection 324BE(1) of the Corporations Act 2001 allows certain members of professional accounting bodies who are not registered company auditors to undertake a review.

60-30(3)    
In the case of an audit, the auditor must form an opinion about:

(a)    whether the financial report satisfies the requirements of this Division; and

(b)    whether the auditor has been given all information, explanation and assistance necessary for the conduct of the audit; and

(c)    whether the registered entity has kept financial records sufficient to enable a financial report to be prepared and audited; and

(d)    whether the registered entity has kept other records as required by this Part.

60-30(4)    
In the case of a review, the reviewer must form a conclusion about:

(a)    whether, on the basis of the review, anything has come to the reviewer ' s attention that causes the reviewer to believe that the financial report does not satisfy the requirements of this Division; and

(b)    whether the reviewer has been given all information, explanation and assistance necessary for the conduct of the review; and

(c)    whether the registered entity has kept financial records sufficient to enable a financial report to be prepared and reviewed; and

(d)    whether the registered entity has kept other records as required by this Part.