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CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 339.75 Independence of auditors: application of Corporations Act auditor independence provisions

CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 339.75

Independence of auditors: application of Corporations Act auditor independence provisions

Application of section

  (1)   This section applies in relation to the audit of a financial report of an Aboriginal and Torres Strait Islander corporation if:

  (a)   one of the following imposes a requirement in relation to the audit:

  (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 the auditor be:

  (i)   an individual auditor who is a registered company auditor; or

  (ii)   an audit firm that has at least one member who is a registered company auditor who is ordinarily resident in Australia; or

  (iii)   an authorised audit company.

  (2)   The Corporations Act auditor independence provisions apply in relation to the audit as if:

  (a)   references in those provisions to an audited body were references to an Aboriginal and Torres Strait Islander corporation; and

  (b)   references in those provisions to a company were references to an Aboriginal and Torres Strait Islander corporation.

The Corporations Act auditor independence provisions apply with the modifications set out in the regulations.

  (3)   Regulations made for the purposes of subsection   (2) must not:

  (a)   increase, or have the effect of increasing, the maximum penalty for any offence; or

  (b)   widen, or have the effect of widening, the scope of any offence.

  (4)   In this Act:

" Corporations Act auditor independence provisions" means:

  (a)   Division   3 of Part   2M.4 of the Corporations Act; and

  (b)   the provisions of that Act (including Parts   1.2 and 9.4 and Schedule   3 but not including Parts   1.1, 1.1A and 9.4A) to the extent to which they relate to the operation of Part   2M.4 of that Act; and

  (c)   the regulations made under that Act for the purposes of Part   2M.4 of that Act and the provisions referred to in paragraph   (b).