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CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 339.60

Qualification and experience: individual auditor

  (1)   An individual contravenes this section if:

  (a)   one of the following imposes a requirement in relation to the audit of a financial report of an Aboriginal and Torres Strait Islander corporation:

  (i)   an applied provision of the Corporations Act;

  (ii)   regulations made for the purposes of section   333 - 15;

  (iii)   a determination by the Registrar under section   336 - 1 or 336 - 5; and

  (b)   the requirement is that, if the auditor is an individual auditor, the auditor must have particular qualification or experience; and

  (c)   the individual acts as auditor in relation to the financial report or that part of it; and

  (d)   the individual does not have the qualification or experience referred to in paragraph   (b).

Penalty:   25 penalty units or imprisonment for 6 months, or both.

  (2)   An individual contravenes this section if:

  (a)   one of the following requires that a person may only participate in a particular capacity in the conduct of the audit of a financial report of an Aboriginal and Torres Strait Islander corporation if the person has particular qualifications or experience:

  (i)   an applied provision of the Corporations Act;

  (ii)   regulations made for the purposes of section   333 - 15;

  (iii)   a determination by the Registrar under section   336 - 1 or 336 - 5; and

  (b)   the individual participates in that capacity in the conduct of the audit of the financial report; and

  (c)   the individual does not have those qualifications or that experience.

Penalty:   25 penalty units or imprisonment for 6 months, or both.


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