Clause 78

in subsection (2), replace paragraph (aa) with —“(aa)if the financial statements or consolidated financial statements do not comply with any requirement of the Accounting Standards and the non‑compliance is neither —

approved by the Registrar under section 201(12); nor(ii)allowed under an order by the Minister under section 201(15A),whether the non‑compliance is, in the opinion of the auditor, necessary for the financial statements or consolidated financial statements to give a true and fair view of any matter required by section 201 to be dealt with in them;”;

in subsection (5), replace “related company” with “company that is deemed to be related to the company by virtue of section 6”; and

replace subsection (10) with —“(10) The following persons are guilty of an offence and shall be liable on conviction to a fine not exceeding $4,000:

any officer of a company who refuses or fails without lawful excuse to allow an auditor of the company access, in accordance with subsection (5), to any accounting and other records, including registers, of the company in the officer’s custody or control;

any officer or auditor of a subsidiary corporation who refuses or fails without lawful excuse to allow an auditor of its parent company access, in accordance with subsection (6), to any accounting and other records, including registers, of the subsidiary corporation in the officer’s or auditor’s custody or control;

any officer of a company or officer or auditor of a subsidiary corporation who refuses or fails without lawful excuse to give any information or explanation as and when required under subsection (5) or (6);

any officer of a company or any officer or auditor of a subsidiary corporation who otherwise hinders, obstructs or delays an auditor in the performance of the auditor’s duties or the exercise of the auditor’s powers under this section.”.