sec.30CAuditing financial statements for entities that have total revenue of more than $500,000— Act , s 32

sec.30C Auditing financial statements for entities that have total revenue of more than $500,000— Act , s 32

This section prescribes for section 32 (3) (c) of the Act the way for auditing a financial statement for an entity that has a total revenue of more than $500,000. The way prescribed is auditing of the financial statement by an independent person who— is registered as an auditor under the Corporations Act ; or is a member of Chartered Accountants Australia and New Zealand and is entitled to use the letters ‘CA’ or ‘FCA’; or is a member of CPA Australia and is entitled to use the letters ‘CPA’ or ‘FCPA’; or is a member of the Institute of Public Accountants and is entitled to use the letters ‘MIPA’ or ‘FIPA’; or has another qualification or experience the chief executive considers appropriate. The person must prepare and sign a report about the audit. In this section— independent person , for an entity, means a person other than— a member of the entity’s governing body; or an employee of the entity or of the entity’s governing body; or a partner, employer or employee of a member of the entity’s governing body; or a spouse of a person mentioned in paragraph (a) , (b) or (c) ; or a person who is wholly or mainly dependent on a person mentioned in paragraph (a) , (b) or (c) . s 30C ins 2022 SL No. 99 s 20 sub 2023 SL No. 59 s 17 (sec.30C-ssec.1) This section prescribes for section 32 (3) (c) of the Act the way for auditing a financial statement for an entity that has a total revenue of more than $500,000. (sec.30C-ssec.2) The way prescribed is auditing of the financial statement by an independent person who— is registered as an auditor under the Corporations Act ; or is a member of Chartered Accountants Australia and New Zealand and is entitled to use the letters ‘CA’ or ‘FCA’; or is a member of CPA Australia and is entitled to use the letters ‘CPA’ or ‘FCPA’; or is a member of the Institute of Public Accountants and is entitled to use the letters ‘MIPA’ or ‘FIPA’; or has another qualification or experience the chief executive considers appropriate. (sec.30C-ssec.3) The person must prepare and sign a report about the audit. (sec.30C-ssec.4) In this section— independent person , for an entity, means a person other than— a member of the entity’s governing body; or an employee of the entity or of the entity’s governing body; or a partner, employer or employee of a member of the entity’s governing body; or a spouse of a person mentioned in paragraph (a) , (b) or (c) ; or a person who is wholly or mainly dependent on a person mentioned in paragraph (a) , (b) or (c) .

• (a) is registered as an auditor under the Corporations Act ; or
• (b) is a member of Chartered Accountants Australia and New Zealand and is entitled to use the letters ‘CA’ or ‘FCA’; or
• (c) is a member of CPA Australia and is entitled to use the letters ‘CPA’ or ‘FCPA’; or