Corporations Act 2001Corporations Act 2001

Corporations Act 2001

The following selected extracts from the Act are included in this Appendix only to point to some of the important requirements of the Act that affect auditors engaged to undertake a review engagement in accordance with the Act.

1. Section 302 states:

“A disclosing entity[22] must:

1. prepare a financial report and directors’ report for each half‑year; and
2. have the financial report audited or reviewed in accordance with Division 3 and obtain an auditor’s report; and
3. lodge the financial report, the director’s report and the auditor’s report on the financial report with ASIC;

unless the entity is not a disclosing entity when lodgement is due”.