Section 307A — Corporations Act 2001: 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).