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-C - Qualification, experience and registration  

SECTION 339-70   REGISTRATION REQUIREMENTS FOR APPOINTMENT OF COMPANY AS AUDITOR  

339-70(1)    
A company contravenes this subsection if:

(a)    one of the following imposes a requirement in relation to the audit of a financial report of an Aboriginal and Torres Strait Islander corporation:

(i) an applied provision of the Corporations Act ;

(ii) regulations made for the purposes of section 333-15 ;

(iii) a determination by the Registrar under section 336-1 or 336-5 ; and

(b)    the requirement is that, if the auditor is a company, the company must be an authorised audit company; and

(c)    the company acts as auditor in relation to the report or a part of it; and

(d)    the company is not an authorised audit company.

Penalty: 25 penalty units or imprisonment for 6 months, or both.

339-70(2)    
A person (the defendant ) contravenes this subsection if:

(a)    one of the following imposes a requirement in relation to the audit of a financial report of an Aboriginal and Torres Strait Islander corporation:

(i) an applied provision of the Corporations Act ;

(ii) regulations made for the purposes of section 333-15 ;

(iii) a determination by the Registrar under section 336-1 or 336-5 ; and

(b)    the requirement is that, if the auditor is a company, the company must be an authorised audit company; and

(c)    at a particular time, a company acts as auditor in relation to the report or a part of it; and

(d)    at that time, the company is not an authorised audit company; and

(e)    the defendant is a director of the company at that time; and

(f)    the defendant is aware of the circumstances referred to in paragraphs (c) and (d) at that time.

Penalty: 25 penalty units or imprisonment for 6 months, or both.

339-70(3)    
A person (the defendant ) contravenes this subsection if:

(a)    one of the following imposes a requirement in relation to the audit of a financial report of an Aboriginal and Torres Strait Islander corporation:

(i) an applied provision of the Corporations Act ;

(ii) regulations made for the purposes of section 333-15 ;

(iii) a determination by the Registrar under section 336-1 or 336-5 ; and

(b)    the requirement is that, if the auditor is a company, the company must be an authorised audit company; and

(c)    at a particular time, a company acts as auditor in relation to the report or that part of it; and

(d)    at that time, the company is not an authorised audit company; and

(e)    the defendant is a director of the company at that time.

Penalty: 10 penalty units.

339-70(4)    
For the purposes of an offence based on subsection (3) , strict liability applies to the physical elements of the offence specified in paragraphs (3)(c) and (d) .

Note 1:

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

Note 2:

Subsection (5) provides a defence.

339-70(5)    
A director of a company does not commit an offence at a particular time because of a contravention of subsection (3) if the director either:

(a)    does not know at that time of the circumstances that constitute the contravention of subsection (3) ; or

(b)    knows of those circumstances at that time but takes all reasonable steps to correct the contravention of subsection (3) as soon as possible after the director becomes aware of those circumstances.

Note:

A defendant bears an evidential burden in relation to the matters in subsection (5) (see subsection 13.3(3) of the Criminal Code ).