Corporations (Aboriginal and Torres Strait Islander) Act 2006
Application of section
339-75(1)
This section applies in relation to the audit of a financial report of an Aboriginal and Torres Strait Islander corporation if: (a) one of the following imposes a requirement in relation to the audit:
(i) an applied provision of the Corporations Act ;
(ii) regulations made for the purposes of section 333-15 ;
(b) the requirement is that the auditor be:
(iii) a determination by the Registrar under section 336-1 or 336-5 ; and
(i) an individual auditor who is a registered company auditor; or
(ii) an audit firm that has at least one member who is a registered company auditor who is ordinarily resident in Australia; or
(iii) an authorised audit company.
339-75(2)
The Corporations Act auditor independence provisions apply in relation to the audit as if: (a) references in those provisions to an audited body were references to an Aboriginal and Torres Strait Islander corporation; and (b) references in those provisions to a company were references to an Aboriginal and Torres Strait Islander corporation.
The Corporations Act auditor independence provisions apply with the modifications set out in the regulations.
339-75(3)
Regulations made for the purposes of subsection (2) must not: (a) increase, or have the effect of increasing, the maximum penalty for any offence; or (b) widen, or have the effect of widening, the scope of any offence.
339-75(4)
In this Act :
Corporations Act auditor independence provisions
means:
(a) Division 3 of Part 2M.4 of the Corporations Act ; and
(b) the provisions of that Act (including Parts 1.2 and 9.4 and Schedule 3 but not including Parts 1.1 , 1.1A and 9.4A ) to the extent to which they relate to the operation of Part 2M.4 of that Act; and
(c) the regulations made under that Act for the purposes of Part 2M.4 of that Act and the provisions referred to in paragraph (b).
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