Section 309(1), (2), (3), (4), (5), (5A) and (6) of the Corporations Act 2001 (Cth) is ‘Auditor’s Report on Half-Year Financial Report’ and is extracted below.
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Section 309(1), (2), (3), (4), (5), (5A) and (6) of the Corporations Act 2001 (Cth) is Auditor’s Report on Half-Year Financial Report and reads as follows:
Auditor’s Report on Half-Year Financial Report
(1) An auditor who audits the financial report for a half-year must report to members on whether the auditor is of the opinion that the financial report is in accordance with this Act, including:
(a) section 304 (compliance with accounting standards); and
(b) section 305 (true and fair view).
If not of that opinion, the auditor’s report must say why.
(2) If the auditor is of the opinion that the financial report does not comply with an accounting standard, the auditor’s report must, to the extent that it is practicable to do so, quantify the effect that non-compliance has on the financial report. If it is not practicable to quantify the effect fully, the report must say why.
(3) The auditor’s report must describe:
(a) any defect or irregularity in the financial report; and
(b) any deficiency, failure or shortcoming in respect of the matters referred to in paragraph 307(b), (c) or (d).
Review of financial report
(4) An auditor who reviews the financial report for a half-year must report to members on whether the auditor became aware of any matter in the course of the review that makes the auditor believe that the financial report does not comply with Division 2.
(5) A report under subsection (4) must:
(a) describe any matter referred to in subsection (4); and
(b) say why that matter makes the auditor believe that the financial report does not comply with Division 2.
(5A) The auditor’s report must include any statements or disclosures required by the auditing standards.
(6) A report under subsection (1) or (4) must specify the date on which it is made.
The maximum penalty for the offence of Auditor’s Report on Half-Year Financial Report 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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