Commonwealth Consolidated Acts

CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 339.50

Application of section

  (1)   This section applies if:

  (a)   section   339 - 75 applies in relation to the audit of a financial report of the Aboriginal and Torres Strait Islander corporation; or

  (b)   regulations made for the purposes of section   339 - 80 provide for auditor independence requirements to be met in relation to the audit of a financial report of the Aboriginal and Torres Strait Islander corporation.

Contravention by individual auditor

  (2)   If the auditor is an individual auditor, the auditor must give the directors of the corporation either:

  (a)   a written declaration that, to the best of the auditor's knowledge and belief, there have been:

  (i)   no contraventions of the auditor independence requirements of this Act in relation to the audit; and

  (ii)   no contraventions of any applicable code of professional conduct in relation to the audit; or

  (b)   a written declaration that, to the best of the individual auditor's knowledge and belief, the only contraventions of:

  (i)   the auditor independence requirements of this Act in relation to the audit; or

  (ii)   any applicable code of professional conduct in relation to the audit;

    are those contraventions the details of which are set out in the declaration.

Penalty:   10 penalty units.

  (3)   An offence against subsection   (2) is an offence of strict liability.

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

Contravention by lead auditor

  (4)   If the auditor is an audit firm or audit company, the lead auditor for the audit must give the directors of the corporation:

  (a)   a written declaration that, to the best of the lead auditor's knowledge and belief, there have been:

  (i)   no contraventions of the auditor independence requirements of this Act in relation to the audit; and

  (ii)   no contraventions of any applicable code of professional conduct in relation to the audit; or

  (b)   a written declaration that, to the best of the lead auditor's knowledge and belief, the only contraventions of:

  (i)   the auditor independence requirements of this Act in relation to the audit; or

  (ii)   any applicable code of professional conduct in relation to the audit;

    are those contraventions details of which are set out in the declaration.

Penalty:   10 penalty units.

  (5)   An offence against subsection   (4) is an offence of strict liability.

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

  (6)   The declaration under subsection   (2) or (4):

  (a)   must be given when the audit report is given to the directors of the corporation; and

  (b)   must be signed by the person making the declaration.

Self - incrimination

  (7)   An individual is not excused from giving a declaration under subsection   (2) or (4) on the ground that giving the declaration might tend to incriminate the individual or expose the individual to a penalty.

Use/derivative use indemnity

  (8)   However, neither:

  (a)   the information included in the declaration; nor

  (b)   any information, document or thing obtained as a direct or indirect consequence of including the information in the declaration;

is admissible in evidence against the individual in any criminal proceedings, or in any proceedings that would expose the person to a penalty, other than:

  (c)   proceedings for an offence against section   561 - 1 or 561 - 5 in relation to the declaration; or

  (d)   proceedings for an offence against section   137.1 or 137.2 of the Criminal Code (false or misleading information or documents) in relation to the declaration.