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-B - Conduct of the audit  

SECTION 339-50   AUDITOR ' S INDEPENDENCE DECLARATION  
Application of section

339-50(1)    
This section applies if:

(a)    section 339-75 applies in relation to the audit of a financial report of the Aboriginal and Torres Strait Islander corporation; or

(b)    regulations made for the purposes of section 339-80 provide for auditor independence requirements to be met in relation to the audit of a financial report of the Aboriginal and Torres Strait Islander corporation.

Contravention by individual auditor

339-50(2)    
If the auditor is an individual auditor, the auditor must give the directors of the corporation either:

(a)    a written declaration that, to the best of the auditor ' s knowledge and belief, there have been:

(i) no contraventions of the auditor independence requirements of this Act in relation to the audit; and

(ii) no contraventions of any applicable code of professional conduct in relation to the audit; or

(b)    a written declaration that, to the best of the individual auditor ' s knowledge and belief, the only contraventions of:

(i) the auditor independence requirements of this Act in relation to the audit; or

(ii) any applicable code of professional conduct in relation to the audit;

are those contraventions the details of which are set out in the declaration.

Penalty: 10 penalty units.

339-50(3)    
An offence against subsection (2) is an offence of strict liability.

Note:

For strict liability , see section 6.1 of the Criminal Code .

Contravention by lead auditor

339-50(4)    
If the auditor is an audit firm or audit company, the lead auditor for the audit must give the directors of the corporation:

(a)    a written declaration that, to the best of the lead auditor ' s knowledge and belief, there have been:

(i) no contraventions of the auditor independence requirements of this Act in relation to the audit; and

(ii) no contraventions of any applicable code of professional conduct in relation to the audit; or

(b)    a written declaration that, to the best of the lead auditor ' s knowledge and belief, the only contraventions of:

(i) the auditor independence requirements of this Act in relation to the audit; or

(ii) any applicable code of professional conduct in relation to the audit;

are those contraventions details of which are set out in the declaration.

Penalty: 10 penalty units.

339-50(5)    
An offence against subsection (4) is an offence of strict liability.

Note:

For strict liability , see section 6.1 of the Criminal Code .

339-50(6)    
The declaration under subsection (2) or (4) :

(a)    must be given when the audit report is given to the directors of the corporation; and

(b)    must be signed by the person making the declaration.

Self-incrimination

339-50(7)    
An individual is not excused from giving a declaration under subsection (2) or (4) on the ground that giving the declaration might tend to incriminate the individual or expose the individual to a penalty.

Use/derivative use indemnity

339-50(8)    
However, neither:

(a)    the information included in the declaration; nor

(b)    any information, document or thing obtained as a direct or indirect consequence of including the information in the declaration; is admissible in evidence against the individual in any criminal proceedings, or in any proceedings that would expose the person to a penalty, other than:

(c)    proceedings for an offence against section 561-1 or 561-5 in relation to the declaration; or

(d)    proceedings for an offence against section 137.1 or 137.2 of the Criminal Code (false or misleading information or documents) in relation to the declaration.