Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteCCH note - modifying legislative instruments: The application of Pt 7.8 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 (Div 8 only) (as amended by ASIC Corporations (Amendment) Instrument 2024/554).
For legislative instruments or class orders before 1 January 2022 that affect the application of Pt 7.8, 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.
CCH Note: Division 6 is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
CCH Note: Subdivision C is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
CCH Note: Section 989CA is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
If an individual auditor, or an audit company, conducts an audit of a profit and loss statement and balance sheet for the purposes of this Subdivision, the individual auditor or audit company must: (a) conduct the audit in accordance with the auditing standards; and (b) include in the audit report on the profit and loss statement, and balance sheet, any statements or disclosures required by the auditing standards.
989CA(2)
If an audit firm, or an audit company, conducts an audit of a profit and loss statement and balance sheet for the purposes of this Subdivision, the lead auditor for the audit or review must ensure that: (a) the audit is conducted in accordance with the auditing standards; and (b) the audit report on the profit and loss statement, and balance sheet, includes any statements or disclosures required by the auditing standards.
Fault-based offence
989CA(3)
A person commits an offence if the person contravenes subsection (1) or (2).
Strict liability offence
989CA(4)
A person commits an offence of strict liability if the person contravenes subsection (1) or (2).
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