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-D - Auditor independence  

SECTION 339-80   INDEPENDENCE OF AUDITORS: ALTERNATIVE INDEPENDENCE REQUIREMENTS  

339-80(1)    
This section applies in relation to the audit of a financial report of an Aboriginal and Torres Strait Islander corporation if section 339-75 does not apply to the audit.

339-80(2)    
The regulations may provide for auditor independence requirements to be met in relation to the audit.

339-80(3)    
Without limiting subsection (2) , the regulations may:

(a)    specify as a requirement that a person comply with any applicable code of professional conduct in relation to the audit; or

(b)    provide that a person commits an offence in particular circumstances if the auditor independence requirements are not met.

339-80(4)    
Regulations made for the purposes of paragraph (3)(b) must not prescribe penalties exceeding 50 penalty units for contraventions of the regulations.