142Audit of accounts

142 Audit of accounts

(1) This section applies if a company prepares accounts and statements in respect of a period (the accounting period) in accordance with this Division. Audit by approved auditor (2) The accounts and statements must be audited by an approved auditor.

Note: Approved auditor is defined by section 144.

Company to arrange for audit (3) The company must make such arrangements as are necessary to enable the audit of those accounts and statements in accordance with this Division. Offence (4) A company commits an offence if: (a) the company is required to make arrangements under subsection (3); and (b) the company engages in conduct; and (c) the company’s conduct contravenes the requirement.

Penalty: 100 penalty units.

Strict liability (4A) Strict liability applies to paragraph (4)(a).

Note: For strict liability, see section 6.1 of the Criminal Code.

Auditor’s certificate (5) The auditor must, for the purposes of this Division, give the company a certificate relating to the accounts and statements. The certificate must be given within the prescribed period after the accounting period. The certificate must contain the information prescribed by the regulations. Offence (6) A person commits an offence if: (a) the person is required to give a company a certificate under subsection (5); and (b) the person engages in conduct; and (c) the person’s conduct contravenes the requirement.

Penalty: 50 penalty units.

Strict liability (7) Strict liability applies to paragraph (6)(a).

Note: For strict liability, see section 6.1 of the Criminal Code.