Commonwealth Consolidated Acts

CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 339.40

  (1)   The auditor of a financial report must prepare a report for the corporation's members on whether the auditor is of the opinion that the financial report is in accordance with:

  (a)   this Act; and

  (b)   any applicable regulations made for the purposes of sections   333 - 10 and 333 - 15; and

  (c)   any applicable determinations made by the Registrar under section   336 - 1 or 336 - 5.

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

Penalty:   50 penalty units.

  (2)   If:

  (a)   the financial report is required to comply with the accounting standards; and

  (b)   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.

Penalty:   50 penalty units.

  (3)   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   339 - 30(b), (c) or (d).

Penalty:   50 penalty units.

  (4)   If the audit of the financial report is required to be conducted in accordance with some or all of the auditing standards, the auditor's report must include any statements or disclosures required by those auditing standards.

Penalty:   50 penalty units.

  (5)   The auditor's report must contain any other information required by the regulations.

  (6)   The report must specify the date on which it is made.

Penalty:   50 penalty units.

  (7)   An offence against subsection   (1), (3), (4) or (6) is an offence of strict liability.

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