Source: http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/Auditors%20resources
Timestamp: 2014-08-30 10:15:19
Document Index: 617709380

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Australian Securities and Investments Commission - Auditors resources
Financial reports & audit >
Auditors resources Resources
This section outlines the legislation, regulatory documents and standards applicable to financial reporting and auditing.
Professional registersSearch for registered auditors listed in our professional register.
Media releasesReleases about financial reporting and auditing issues.
Legislative requirementsKey financial reporting and audit legislative requirements of Corporations Act 2001.
StandardsLinks to accounting, auditing and professional and ethical standards.
Regulatory DocumentsASIC issued guidance to help interpret the financial reporting and audit legislative requirements, including information sheets, regulatory guides, class orders and other regulatory documents.
Useful contactsThese contacts may be able to answer your questions about specific issues
Find out more about our professional registers You can search our professional register for information about registered auditors and more.
Start searching now Media releases
Releases about financial reporting and auditing
Releases about financial reporting
Releases about auditors and auditing Back to top
Key Financial Reporting and Audit legislative requirements of Corporations Act 2001. The table below summarises key legislative requirements for financial reporting and audit from the Corporations Act 2001. You can obtain a copy of the Corporations Act to review the detail of relevant parts by researching the Commonwealth of Australia law website . SourceRelevant part
Chapter 2M Financial Reports and Audit
OverviewPart 2M.1
Financial RecordsPart 2M.2
Financial ReportingPart 2M.3
Appointment and Removal of AuditorsPart 2M.4
Accounting and Auditing StandardsPart 2M.5
Exemptions and ModificationsPart 2M.6
Sanctions for Contraventions of ChapterPart 2M.7
Small Business GuidePart 5.1
Indemnities and Insurance for Officers and AuditorsPart 2D.2
Meetings of Members of CompaniesPart 2G.2
Meetings of Members of Registered Managed Investment SchemesPart 2G.4
Registration of Auditors and LiquidatorsPart 9.2
The Compliance PlanPart 5C.4
The Responsible EntityPart 5C.2
Financial records, statements and auditPart 7.8 Div6
Back to topStandards
Australian Accounting Standards Board Australian Auditing and Assurance Standards Board
Australian Accounting Professional and Ethical Standards Board Back to top
Information sheets | Regulatory guides | Class orders
Information Sheets (Info Sheets)
Info sheets provide concise guidance on a specific process or compliance issue or an overview of detailed guidance.
Info sheet 62 Removal of an auditor under the Corporations Act 2001
Info sheet 64 Resignation and removal of auditors of registered schemes or compliance plans
Info sheet 65 Resignation of an auditor under the Corporations Act 2001
Info Sheet 17 Changing a financial year Info Sheet 20 Checklist for companies and their officers
Info Sheet 31 Financial reporting requirements
Info Sheet 32 Foreign companies
Info Sheet 76 What books and records should my company keep?
Info Sheet 79 Your company and the law Regulatory guides
These documents give guidance to regulated entities by: explaining when and how ASIC will exercise specific powers under legislation (primarily the Corporations Act) explaining how ASIC interprets the law describing the principles underlying ASIC's approach, and/or giving practical guidance (for example, describing the steps of a process such as applying for a licence, or giving practical examples of how regulated entities may decide to meet their obligations).
Regulatory Guides relevant to financial reporting:
RG 16 External administrators – Reporting and lodging
RG 22 Directors' statement as to solvency RG 28 Relief from dual lodgment of financial reports
RG 43 Financial reports and audit relief RG 51 Applications for relief RG 58 Reporting requirements - registered foreign companies and Australian companies with foreign company shareholders RG 68 New financial reporting and procedural requirements RG 85 Reporting requirements for non-reporting entities
RG 95 Disclosing entity provisions relief
RG 115 Audit relief for proprietary companies RG 166 Licensing: Financial requirements
RG 174 Externally administered companies: Financial reporting and AGMs
RG 230 Disclosing non-IFRS financial information
RG 247 Effective disclosure in an operating and financial review
Regulatory Guides relevant to auditing:
RG 20 Disclosure of convictions and proceedings
RG 22 Directors' statement as to solvency
RG 26 Resignation of auditors
RG 34 Auditor's obligations: reporting to ASIC
RG 43 Financial reports and audit relief
RG 112 Independence of experts
RG 115 Audit relief for proprietary companies RG 180 Auditor registration
RG 187 Auditor rotation
Back to topClass Orders
Class orders are instruments that have a wider application. They usually apply to a class of persons who carry out a particular activity in certain circumstances, for example, timeshare scheme operators, corporations conducting market research, operators of managed investment schemes based on syndicate arrangements. ASIC refers to class orders using the prefix 'CO' before their number. For example, instrument 03/67 is a class order, and is referred to as [CO 03/67].
Class Orders relevant to financial reporting:
[CO 10-654] Inclusion of parent entity financial statements in financial reports
[CO 08/15] Disclosing entities - half-year financial reporting relief
[CO 06/68] Conditional relief for foreign licensees from financial reporting and record keeping obligations
[CO 05-642] Combining financial reports of stapled securities issuers
[CO 05/639] Application of accounting standards by non-reporting entities
[CO 02/1432] Registered foreign companies – financial reporting requirements
[CO 99/90] Concise Reports
[CO 98/2395] Transfer of information from directors' reports
[CO 98/2016] Entities which cease to be disclosing entities before their deadline
[CO 98/1418] Wholly owned entities
[CO 98/1417] Audit relief for proprietary companies
[CO 98/106] Financial reports of superannuation funds, approved deposit funds and pooled superannuation trusts
[CO 98/104] Dual lodgement relief
[CO 98/100] Rounding in financial reports and directors' reports
[CO 98/98] Small proprietary companies which are controlled by a foreign company but which are not part of a large group (see IR07/37)
[CO 98/96] Synchronisation of financial year with foreign parent company (see IR07/37)
Class Orders relevant to financial reporting and audit:
[CO 06/441] Including different registered scheme financial reports in a single document
[CO 06/6] Dual lodgment relief for NSX-listed disclosing entities
[CO 03/823] Relief from licensing, accounting and audit requirements for foreign authorised deposit-taking institutions
[CO 03/748] Reporting requirements under s989B
[CO 03/392] Externally administered companies: Financial reporting relief
[CO 02/968] Interim relief from financial reporting obligations for companies in external administration
[CO 02/551] Recognised accountant
[CO 01/1256] Qualified accountant
[CO 00/2451] Electronic lodgment of certain reports with the ASX – approval
[CO 98/106] Financial reports of superannuation funds, approved deposit fuinds and pooled superannuation trusts
[CO 98/101] Members of companies, registered schemes and disclosing entities who are uncontactable
[CO 98/2395] Transfer of information from the director's report
Other ASIC Resources
InFocus, our newsletter for companies
ASIC Forms: Online
These contacts may be able to answer your questions about specific issues. Please refer to the relevant website listed below for current contact details. ASIC's contact details
ASIC's Financial Reporting and Audit Team
ASIC's Financial Reporting and Audit Team is focused on accountants and auditors' role in market integrity and financial reporting and audit surveillance activities. It liaises with other accounting organisations, including the Financial Reporting Council and Australian Accounting Standards Board, domestically, and other regulatory and standard setting bodies, internationally. The team also develops ASIC policy on accounting, financial reporting, disclosure and auditing matters in relation to ASIC's regulatory programs and the accounting profession, including class orders.
ASIC's Corporations Team and Emerging Mining & Resources Team
These ASIC teams consider individual applications for relief from financial reporting obligations. Australian Accounting Standards Board (AASB) Auditing and Assurance Standards Board (AUASB) Accounting Professional & Ethical Standards Board (APESB) Financial Reporting Council (FRC) Companies Auditors and Liquidators Disciplinary Board (CALDB) Professional Bodies
CPA Australia The Institute of Chartered Accountants in Australia Institute of Public Accountants Back to top
More about ASIC's financial reporting and auditing liaison actitivies
Financial reporting and audit overview	ASIC Website: Printed 08/30/2014