THE CORPORATIONS LAW

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT

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PART 2M.3 - FINANCIAL REPORTING

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Division 3 - Audit and auditor's report

SECTION 309   AUDITOR'S REPORT ON HALF-YEAR FINANCIAL REPORT  

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309(1)  Audit of financial report.  

An auditor who audits the financial report for a half-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 304 (compliance with accounting standards); and

(b)  section 305 (true and fair view).

If not of that opinion, the auditor's report must say why.

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309(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 that 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.

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309(3)  [Defects and 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).

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309(4)  Review of financial report.  

An auditor who reviews the financial report for a half-year must report to members on whether the auditor became aware of any matter in the course of the review that makes the auditor believe that the financial report does not comply with Division 2.

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309(5)  [Report]  

A report under subsection (4) must:

(a)  describe any matter referred to in subsection (4); and

(b)  say why that matter makes the auditor believe that the financial report does not comply with Division 2.

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309(6)  Report to specify day made.  

A report under subsection (1) or (4) must specify the date on which it is made.

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