Questions by members of auditors at annual general meeting (cf Corporations Act s 250T)

Current

(1) If a co-operative's auditor or their representative is at the meeting, the chairperson of an annual general meeting of the co-operative must:

(a) allow a reasonable opportunity for the members as a whole at the meeting to ask the auditor or the auditor's representative questions relevant to:

(i)

the conduct of the audit; and

(ii)

the preparation and content of the auditor's report; and

(iii) the accounting policies adopted by the co-operative in relation to the preparation of the financial statements; and

(iv) the independence of the auditor in relation to the conduct of the audit; and

(b) allow a reasonable opportunity for the auditor or their representative to answer written questions submitted to the auditor.

Maximum penalty: $500.

(2) An offence based on subsection (1) is an offence of strict liability.

(3)

If:

(a) the co-operative's auditor or their representative is at the meeting; and

(b) the auditor has prepared a written answer to a written question submitted to the auditor;

the chairperson of the annual general meeting may permit the auditor or their representative to table the written answer to the written question.

(4) The co-operative must make the written answer tabled under subsection (3) reasonably available to members as soon as practicable after the annual general meeting.

Maximum penalty (for subsection (4)): $500.

Part 3.3 Financial reports and audit

Note

Columns 1 and 2 of the following Table set out the Division numbers and Division headings of this Part, and Columns 3 and 4 indicate (where relevant) provisions of Chapter 2M of the Corporations Act that generally correspond to each Division of this Part.

Table

Column 1	Column 2	Column 3	Column 4
Division of this Part	Heading to Division	Provisions of Chapter 2M of Corporations Act to which Division generally corresponds	Location of provisions in Chapter 2M of Corporations Act
Division 1	Preliminary	–	–
Division 2	Financial records	ss 286–290	Part 2M.2
Division 3	Annual financial reports and directors' reports generally	ss 292–294 (also s315 (2))	Part 2M.3, Div 1 (also Div 4)
Division 4	Annual financial reports	ss 295–297, 301	Part 2M.3, Div 1
Division 5	Annual directors' reports	ss 298–300A	Part 2M.3, Div 1
Division 6	Half-year financial report and directors' report	ss 302–306	Part 2M.3, Div 2
Division of this Part	Heading to Division	Provisions of Chapter 2M of Corporations Act to which Division generally corresponds	Location of provisions in Chapter 2M of Corporations Act
Division 7	Audit and auditor's report	ss 307–313	Part 2M.3, Div 3
Division 8	Annual financial reporting to members	ss 314–318	Part 2M.3, Div 4
Division 9	Lodging reports and returns with Registrar	ss 319–322	Part 2M.3, Div 5
Division 10	Special provisions about consolidated financial statements	ss 323–323C	Part 2M.3, Div 6
Division 11	Financial years and half-years	s 323D	Part 2M.3, Div 7
Division 12	Auditors	ss 324AA–331 (except s 327H)	Part 2M.4, Divs 1–6
Division 13	Accounting and auditing standards	ss 337, 338	Part 2M.5
Division 14	Exemptions and modifications	ss 340–343	Part 2M.6
Division 15	Miscellaneous	s 344	Part 2M.7

This Act’s bill:Explanatory statement

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262 Questions by members of auditors at annual general meeting (cf Corporations Act s 250T)