Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 307A

  (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).