Corporations Act 2001
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Hide history noteCCH note - modifying legislative instruments: The application of Division 3 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251.
For legislative instruments or class orders before 1 January 2022 that affect the application of Division 3, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
Note: This Division applies to sub-funds of retail CCIVs in a modified form: see section 1232G .
CCH Note: Section 308 is modified by the ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251.
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 Act, 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(1A)
(Repealed by No 103 of 2004, s 3, Sch 4, Pt 5 [ 19].)
308(2)
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)
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(3AA)
An auditor who reviews the financial report for a company limited by guarantee 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 1 .
308(3AB)
A report under subsection (3AA) must: (a) describe any matter referred to in subsection (3AA) ; and (b) say why that matter makes the auditor believe that the financial report does not comply with Division 1 .
308(3A)
The auditor ' s report must include any statements or disclosures required by the auditing standards.
308(3B)
If the financial report includes additional information under paragraph 295(3)(c) (information included to give true and fair view of financial position and performance), the auditor ' s report must also include a statement of the auditor ' s opinion on whether the inclusion of that additional information was necessary to give the true and fair view required by section 297 .
308(3C)
If the directors ' report for the financial year includes a remuneration report, the auditor must also report to members on whether the auditor is of the opinion that the remuneration report complies with section 300A . If not of that opinion, the auditor ' s report must say why.
[ CCH Note: Act No 101 of 2007, Sch 1, Pt 6 [ 232] contained the following application provision (which was effective 28 June 2007):
]Application of items 24 to 33, 36, 37 and 168
The amendments made by items 24 to 33, 36, 37 and 168 of this Schedule apply to a financial year that begins on or after the day on which those items commence.
308(3D)
If the directors ' report for the financial year includes an RSE remuneration report, the auditor must also report to members on whether the auditor is of the opinion that the remuneration report complies with section 300C . If not of that opinion, the auditor ' s report must say why.
308(4)
A report under subsection (1) or (3AA) must specify the date on which it is made.
308(5)
An offence based on subsection (1) , (3) , (3AA) , (3AB) , (3A) , (3C) , (3D) or (4) is an offence of strict liability.
Note: For strict liability see section 6.1 of the Criminal Code .
[ CCH Note: Act No 101 of 2007, Sch 1, Pt 6 [ 232] contained the following application provision (which was effective 28 June 2007):
]Application of items 24 to 33, 36, 37 and 168
The amendments made by items 24 to 33, 36, 37 and 168 of this Schedule apply to a financial year that begins on or after the day on which those items commence.
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