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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 308  AUDITOR'S REPORT ON ANNUAL FINANCIAL REPORT  

308(1)  [Report to members]  


An auditor who audits the financial report for a financial year must report to members on whether the auditor is of the opinion that the financial report is in accordance with this Act, including:


(a) section 296 (compliance with accounting standards); and


(b) section 297 (true and fair view).

If not of that opinion, the auditor's report must say why.

308(1A)  

(Repealed by No 103 of 2004, s 3, Sch 4, Pt 5[19] (effective 1 July 2004).)

308(2)  [Non-compliance with accounting standard]  


If the auditor is of the opinion that the financial report does not comply with an accounting standard, the auditor's report must, to the extent it is practicable to do so, quantify the effect that non-compliance has on the financial report. If it is not practicable to quantify the effect fully, the report must say why.

308(3)  [Defects or irregularities]  


The auditor's report must describe:


(a) any defect or irregularity in the financial report; and


(b) any deficiency, failure or shortcoming in respect of the matters referred to in paragraph 307(b), (c) or (d).

308(3AA)  [Non-compliance with Division 1]  

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An auditor who reviews the financial report for a company limited by guarantee must report to members on whether the auditor became aware of any matter in the course of the review that makes the auditor believe that the financial report does not comply with Division 1.

308(3AB)  [Requirements for report under subsection (3AA)]  

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A report under subsection (3AA) must:


(a) describe any matter referred to in subsection (3AA); and


(b) say why that matter makes the auditor believe that the financial report does not comply with Division 1.

308(3A)  [Auditing standards disclosures]  

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The auditor's report must include any statements or disclosures required by the auditing standards.

308(3B)  [Information included to give true and fair view]  

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If the financial report includes additional information under paragraph 295(3)(c) (information included to give true and fair view of financial position and performance), the auditor's report must also include a statement of the auditor's opinion on whether the inclusion of that additional information was necessary to give the true and fair view required by section 297.

308(3C)  [Information to comply with s 300A]  

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If the directors' report for the financial year includes a remuneration report, the auditor must also report to members on whether the auditor is of the opinion that the remuneration report complies with section 300A. If not of that opinion, the auditor's report must say why.

[CCH Note: Act No 101 of 2007, Sch 1, Pt 6[232] contained the following application provision (which was effective 28 June 2007):

Application of items 24 to 33, 36, 37 and 168

The amendments made by items 24 to 33, 36, 37 and 168 of this Schedule apply to a financial year that begins on or after the day on which those items commence.

]

308(4)  [Date]  

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A report under subsection (1) or (3AA) must specify the date on which it is made.

308(5)  [Strict liability offence]  

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An offence based on subsection (1), (3), (3AA), (3AB), (3A), (3C) or (4) is an offence of strict liability.

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

[CCH Note: Act No 101 of 2007, Sch 1, Pt 6[232] contained the following application provision (which was effective 28 June 2007):

Application of items 24 to 33, 36, 37 and 168

The amendments made by items 24 to 33, 36, 37 and 168 of this Schedule apply to a financial year that begins on or after the day on which those items commence.

]

 



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