Corporations Act 2001
CCH Note: Division 3 is modified by the ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251.
Note: This Division applies to sub-funds of retail CCIVs in a modified form: see section 1232G .
View history note
Hide history noteCCH Note: Section 307A is modified by the ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251.
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.
307A(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
307A(3)
A person commits an offence if the person contravenes subsection (1) or (2).
Strict liability offence
307A(4)
A person commits an offence of strict liability if the person contravenes subsection (1) or (2).
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