(1) This section applies in relation to the audit of a financial report of an Aboriginal and Torres Strait Islander corporation if section 339-75 does not apply to the audit.
(2) The regulations may provide for auditor independence requirements to be met in relation to the audit.
(3) Without limiting subsection (2), the regulations may:
(a) specify as a requirement that a person comply with any applicable code of professional conduct in relation to the audit; or
(b) provide that a person commits an offence in particular circumstances if the auditor independence requirements are not met.
(4) Regulations made for the purposes of paragraph (3)(b) must not prescribe penalties exceeding 50 penalty units for contraventions of the regulations.