Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 307A

Audit to be conducted in accordance with auditing standards

             (1)  If an individual auditor, or an audit company, conducts:

                     (a)  an audit or review of the financial report for a financial year; or

                     (b)  an audit or review of the financial report for a half-year;

the individual auditor or audit company must conduct the audit or review in accordance with the auditing standards.

             (2)  If an audit firm, or an audit company, conducts:

                     (a)  an audit or review of the financial report for a financial year; or

                     (b)  an audit or review of the financial report for a half-year;

the lead auditor for the audit or review must ensure that the audit or review is conducted in accordance with the auditing standards.

Fault-based offence

             (3)  A person commits an offence if the person contravenes subsection (1) or (2).

Strict liability offence

             (4)  A person commits an offence of strict liability if the person contravenes subsection (1) or (2).



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