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CORPORATIONS ACT 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.3 - FINANCIAL REPORTING  

Division 3 - Audit and auditor's report  

SECTION 307A  AUDIT TO BE CONDUCTED IN ACCORDANCE WITH AUDITING STANDARDS  

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307A(1)  [Individual auditor or audit company]  


If an individual auditor, or an audit company, conducts:


(a) an audit or review of the financial report for a financial year; or
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(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)  [Lead auditor]  


If an audit firm, or an audit company, conducts:


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

307A(3)  [Strict liability offence]  


An offence based on subsection (1) or (2) is an offence of strict liability.

Note: For strict liability see section 6.1 of the Criminal Code.


 



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