Section 332G — Corporations Act 2001 (Cth)

(1) This Part applies to an audit firm as if it were a person, but with the changes set out in this section.

(2) An obligation that would otherwise be imposed on the firm by a provision of this Part is imposed on each member of the firm instead, but may be discharged by any of the members.

(3) An offence based on a provision of this Part that would otherwise be committed by the audit firm is taken to have been committed by each member of the firm.

(4) A member of the firm does not commit an offence because of subsection (3) if the member:

(a) does not know of the circumstances that constitute the contravention of the provision concerned; or

(b) knows of those circumstances but takes all reasonable steps to correct the contravention as soon as possible after the member becomes aware of those circumstances.

Note: A defendant bears an evidential burden in relation to the matters in subsection (4)—see subsection 13.3(3) of the Criminal Code.

Related sections

• s 332D — Exemption orders—applications by transparency reporting auditors
• s 332E — Exemption orders—class orders for transparency reporting auditors
• s 332F — Exemption orders—criteria for orders
• s 334 — Accounting standards
• s 335 — Equity accounting
• s 336 — Auditing standards

Research how courts apply s 332G

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