Section 307B(1) of the Corporations Act 2001 (Cth) is ‘Audit Working Papers to be Retained For 7 Years’ and is extracted below.
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Section 307B(1) of the Corporations Act 2001 (Cth) is Audit Working Papers to be Retained For 7 Years and reads as follows:
Audit Working Papers to be Retained For 7 Years
Contravention by individual auditor or audit company
(1) An auditor contravenes this subsection if:
(a) the auditor is an individual auditor or an audit company; and
(b) the auditor conducts:
(i) an audit or review of the financial report for a financial year; or
(ii) an audit or review of the financial report for a half-year; and
(c) the auditor does not retain all audit working papers prepared by or for, or considered or used by, the auditor in accordance with the requirements of the auditing standards until:
(i) the end of 7 years after the date of the audit report prepared in relation to the audit or review to which the audit working papers relate; or
(ii) an earlier date determined for the audit working papers by ASIC under subsection (6).
The maximum penalty for the offence of Audit Working Papers to be Retained For 7 Years is:
50 penalty units (a Commonwealth penalty unit is currently $210).
However, it should be kept in mind that maximum penalties are reserved for the most serious cases.
Your legal team will be able to advise you of the essential elements the prosecution would need to prove in order to establish the offence, whether those elements are capable of being established in your particular situation, the most effective and efficient way forward and the likely outcome.
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Choosing the right legal team to defend your reputation and interests can be a difficult process.
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At Sydney Criminal Lawyers®, we have extensive experience defending and winning some of the most complex criminal matters – so you can rest assured that you are in safe hands.
Our criminal law specialists will take the time in every case to carefully scrutinise all the evidence in order to identify problems with the prosecution case at an early stage in the proceedings.
Where issues are found, our lawyers will write to the prosecution asking to have the charges dropped on this basis – often sparing our clients the considerable time and expense associated with defended hearings.
However, should your matter proceed to court, our senior lawyers will represent you and present a strong defence case to maximise your chances of being found ‘not guilty.’
Our senior lawyers are highly skilled advocates who have been recognised for their expert knowledge of the criminal law, as well as their ability to obtain excellent results in difficult cases.
We can assist you in avoiding the harsh penalties imposed by the law if you simply wish to plead guilty – in these cases, our experienced advocates can prepare and present compelling sentencing submissions which focus on any positive factors of your case.
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