Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The audit or review must be undertaken by:
(a) a registered company auditor (within the meaning of the Corporations Act 2001 ); or
(b) a firm:
(i) that consents to be appointed, or is appointed, as auditor of a registered entity; and
(ii) at least one member of which is a registered company auditor (within the meaning of that Act) who is ordinarily resident in Australia; or
(c) an authorised audit company (within the meaning of that Act); or
(d) an entity prescribed by the regulations for the purposes of this paragraph.
(2) In the case of a review of the financial report of a medium registered entity, an individual who is taken to be a registered company auditor under subsection 324BE(1) of the Corporations Act 2001 is taken to be a registered company auditor for the purposes of this Subdivision.
Note: Subsection 324BE(1) of the Corporations Act 2001 allows certain members of professional accounting bodies who are not registered company auditors to undertake a review.
(3) In the case of an audit, the auditor must form an opinion about:
(a) whether the financial report satisfies the requirements of this Division; and
(b) whether the auditor has been given all information, explanation and assistance necessary for the conduct of the audit; and
(c) whether the registered entity has kept financial records sufficient to enable a financial report to be prepared and audited; and
(d) whether the registered entity has kept other records as required by this Part.
(4) In the case of a review, the reviewer must form a conclusion about:
(a) whether, on the basis of the review, anything has come to the reviewer's attention that causes the reviewer to believe that the financial report does not satisfy the requirements of this Division; and
(b) whether the reviewer has been given all information, explanation and assistance necessary for the conduct of the review; and
(c) whether the registered entity has kept financial records sufficient to enable a financial report to be prepared and reviewed; and
(d) whether the registered entity has kept other records as required by this Part.