THE CORPORATIONS LAW
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82 The Corporations Law is as follows:...
CHAPTER 2M - FINANCIAL REPORTS AND AUDIT
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Hide history notePART 2M.3 - FINANCIAL REPORTING
Division 3 - Audit and auditor's report
SECTION 308 AUDITOR'S REPORT ON ANNUAL FINANCIAL REPORT 308(1) [Report to members] An auditor who audits the financial report for a financial year must report to members on whether the auditor is of the opinion that the financial report is in accordance with this Law, including: (a) section 296 (compliance with accounting standards); and (b) section 297 (true and fair view). If not of that opinion, the auditor's report must say why. 308(2) [Non-compliance with accounting standard] If 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. 308(3) [Defects or irregularities] 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 307(b), (c) or (d). 308(4) [Date] The report must specify the date on which it is made.
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