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Section 250T(1) Corporations Act 2001
Questions by Members of Auditors at AGM

Section 250T(1) of the Corporations Act 2001 (Cth) is ‘Questions by Members of Auditors at AGM’ and is extracted below.

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The Legislation

Section 250T(1) of the Corporations Act 2001 (Cth) is Questions by Members of Auditors at AGM and reads as follows:

Questions by Members of Auditors at AGM

(1) If the company’s auditor or their representative is at the meeting, the chair of an AGM must:

(a) allow a reasonable opportunity for the members as a whole at the meeting to ask the auditor or the auditor’s representative questions relevant to:

(i) the conduct of the audit; and

(ii) the preparation and content of the auditor’s report; and

(iii) the accounting policies adopted by the company in relation to the preparation of the financial statements; and

(iv) the independence of the auditor in relation to the conduct of the audit; and

(b) allow a reasonable opportunity for the auditor or their representative to answer written questions submitted to the auditor under section 250PA.

The penalties                                                                                                              

The maximum penalty for the offence of Questions by Members of Auditors at AGM is:

20 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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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.

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For the best defence in your case, get the experts on your side today.

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