Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 989CA

  (1)   If an individual auditor, or an audit company, conducts an audit of a profit and loss statement and balance sheet for the purposes of this Subdivision, the individual auditor or audit company must:

  (a)   conduct the audit in accordance with the auditing standards; and

  (b)   include in the audit report on the profit and loss statement, and balance sheet, any statements or disclosures required by the auditing standards.

  (2)   If an audit firm, or an audit company, conducts an audit of a profit and loss statement and balance sheet for the purposes of this Subdivision, the lead auditor for the audit or review must ensure that:

  (a)   the audit is conducted in accordance with the auditing standards; and

  (b)   the audit report on the profit and loss statement, and balance sheet, includes any statements or disclosures required by the auditing standards.

Fault - based offence

  (3)   A person commits an offence if the person contravenes subsection   (1) or (2).

Strict liability offence

  (4)   A person commits an offence of strict liability if the person contravenes subsection   (1) or (2).