Div 1Preliminary

Division 1 Preliminary

263 Interpretation

(1) In this Part:

accounting standard—see section 314.

audit means:

(a) an audit conducted for the purposes of this Law; or

(b) a review of a financial report conducted for the purposes of this Law.

auditing standard—see section 314.

consolidated entity means a co-operative together with all the entities it is required by the accounting standards to include in consolidated financial statements.

directors’ declaration—see section 273.

financial report means an annual financial report or a half-year financial report prepared by a co-operative under this Part (and see section 273).

financial statements—see section 273.

notes to the financial statements—see section 273.

(2) Terms used in this Part have the same meanings as they have in the Corporations Act, and in particular in Chapter 2M of the Corporations Act.

Note. Examples of terms covered by subsection (2) are authorised audit company, entity, control and registered company auditor.

(3) Without limiting subsection (2), the term controlled entity used in this Part has a meaning affected by section 50AA of the Corporations Act.

264 General modifications to applied provisions of Chapter 2M of Corporations Act

(1) This section applies to the provisions of Chapter 2M of the Corporations Act as they apply under this Part.

(2) In those provisions:

(a) a reference to a company that is an auditor of a co-operative is to be read as a reference to a company and not a co-operative; and

(b) a reference to a small proprietary company is to be read as a reference to a small co-operative (which is defined in section 4 as a co-operative of a class or description prescribed by the National Regulations); and

(c) a reference to an order of exemption is to be read as a reference to an exemption under Division 14 of this Part.

(3) Subsection (2) does not apply to the extent to which this Law or the National Regulations provide otherwise, whether expressly or by implication.

Division 2 Financial records