Audit of financial report to be conducted in accordance with auditing standards
(1) If an individual auditor, or an audit company, conducts: (a) an audit or review of the financial report for a financial year; or (b) an audit or review of the financial report for a half‑year; the individual auditor or audit company must conduct the audit or review in accordance with the auditing standards. (2) If an audit firm, or an audit company, conducts: (a) an audit or review of the financial report for a financial year; or (b) an audit or review of the financial report for a half‑year; the lead auditor for the audit or review must ensure that the audit or review is conducted in accordance with 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).
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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