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CORPORATIONS ACT 2001 - SECT 307

Audit

    An auditor who conducts an audit of the financial report for a financial year or half - year must form an opinion about:

  (a)   whether the financial report is in accordance with this Act, including:

  (i)   section   296 or 304 (compliance with accounting standards); and

  (ii)   section   297 or 305 (true and fair view); and

  (aa)   if the financial report includes additional information under paragraph   295(3)(c) or 303(3)(c) (information included to give true and fair view of financial position and performance)--whether the inclusion of that additional information was necessary to give the true and fair view required by section   297 or 305; and

  (b)   whether the auditor has been given all information, explanation and assistance necessary for the conduct of the audit; and

  (c)   whether the company, registered scheme, registrable superannuation entity or disclosing entity has kept financial records sufficient to enable a financial report to be prepared and audited; and

  (d)   whether the company, registered scheme, registrable superannuation entity or disclosing entity has kept other records and registers as required by this Act.

Note:   This section applies to sub - funds of retail CCIVs in a modified form: see section   1232G.


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