Source: https://www.legislation.gov.au/Details/F2004B00225
Timestamp: 2017-10-22 11:51:11
Document Index: 774551858

Matched Legal Cases: ['art 2', 'art 2', 'art 2', 'art 9', 'art 1', 'art 2', 'art 9', 'art 10', 'art 10', 'art 1', 'art 2']

Details: F2004B00225
- F2004B00225
SR 2004 No. 208 Regulations as made
Made 08 Jul 2004
Gazetted 09 Jul 2004
Corporations Amendment Regulations 2004 (No. 7)1
Statutory Rules 2004 No. 2082
These Regulations are the Corporations Amendment Regulations 2004 (No. 7).
[1] After Chapter 2C
Chapter 2G Meetings
Part 2G.2 Meetings of members of companies
Division 6 Proxies and body corporate representatives
2G.2.01 Authentication of appointment of proxy (Act s 250A)
(1) For subsection 250A (1) of the Act, an electronic authentication of an appointment of a proxy must include:
(a) a method of identifying the member; and
(b) an indication of the member’s approval of the information communicated.
(2) If a member appoints a proxy by e-mail or Internet-based voting:
(a) the member must be identified by personal details (for example, the member’s name, address and date of birth); and
(b) the member’s approval of the information communicated must be communicated by a form of security protection (for example, the entering of a confidential identification number such as a shareholder registration number or holder identification number).
[2] Chapter 2M, before Part 2M.4
Part 2M.3 Financial reporting
Division 1 Annual financial reports and directors’ reports
2M.3.03 Prescribed details (Act s 300A)
(1) For paragraph 300A (1) (c) of the Act, the following details about a person’s remuneration are prescribed:
(b) each position held by the person in the financial year;
(c) if the person has held a position mentioned in paragraph (b) for less than the whole financial year, the date when the person began holding the position and the date (if any) when the person ceased to hold the position;
(d) the details mentioned in paragraph 7.1 of the accounting standard for the financial year.
(2) For paragraph 300A (1) (c) of the Act, the following details relevant to a person’s remuneration are prescribed:
(b) the details mentioned in the following paragraphs of the accounting standard for the financial year:
(i) paragraph 7.5 (d) (iv);
(ii) if there has been an alteration mentioned in paragraph 7.6 — paragraph 7.6;
(c) for each bonus or grant mentioned in paragraph 7.5 of the accounting standard:
(i) the percentage of the bonus or grant for the financial year that was paid to the person, or that vested in the person, in the financial year; and
(ii) the percentage of the bonus or grant for the financial year that was forfeited by the person (because the person did not meet the service and performance criteria for the bonus or grant) in the financial year; and
(iii) the financial years, after the financial year to which the report relates, for which the bonus or grant will be payable if the person meets the service and performance criteria for the bonus or grant; and
(iv) estimates of the maximum and minimum possible total value of the bonus or grant for financial years after the financial year to which the report relates, measured in accordance with section 6 of the accounting standard;
(d) details of payments made to the person (if any) before the person took office as part of the consideration for the person agreeing to hold office, including the monetary value of the payment and the date of the payment.
(3) The information mentioned in subregulation (1), and the information mentioned in subregulation (2), must be included in separate, clearly identified, sections of the remuneration report.
accounting standard means Accounting Standard AASB 1046, Director and Executive Disclosures by Disclosing Entities, as in force at the commencement of this regulation.
[3] Part 9.2, before regulation 9.2.01
[4] Regulations 9.2.01, 9.2.02, 9.2.03 and 9.2.04
9.2.01 Practical experience in auditing (Act s 1280 (2))
For subparagraph 1280 (2) (b) (ii) of the Act, each of the following is prescribed practical experience in auditing:
(a) during the 5 years immediately before the date of the application, at least 3 000 hours work in auditing under the direction of a registered company auditor, including:
(i) appraising the operations of companies and forming opinions on the matters specified in sections 307, 308 and 309 of the Act; and
(ii) at least 750 hours spent supervising audits of companies;
(b) practical experience that, in the opinion of ASIC, is equivalent to the practical experience mentioned in paragraph (a);
(c) work of the kind and duration mentioned in paragraph (a) that was done under previous laws corresponding to sections 307, 308 and 309 of the Act.
9.2.02 Prescribed universities and institutions (Act ss 1280 (2A) and 1282 (2))
For paragraph 1280 (2A) (a) and subparagraph 1282 (2) (a) (ii) of the Act:
(a) the universities mentioned in Part 1 of the table are prescribed; and
(b) the institution mentioned in Part 2 of the table is prescribed.
9.2.03 Prescribed courses (Act s 1280 (2A))
For paragraph 1280 (2A) (c) of the Act, the courses prescribed are:
(a) the following courses conducted by The Institute of Chartered Accountants in Australia:
(i) Financial Reporting and Assurance in the CA Program;
(ii) Accounting 2 in the Professional Year Program;
(iii) Audit and EDP Module in the Professional Year Program;
(iv) an audit module in the Professional Year Program conducted before 1986 that is equivalent to a course mentioned in subparagraph (i), (ii) or (iii); and
(b) the Assurance Services and Auditing in the CPA Program course conducted by CPA Australia; and
(c) the following courses conducted by, or on behalf of, the National Institute of Accountants:
(i) Issues in Auditing and Professional Practice in the Graduate Certificate in Professional Accounting, offered by the University of New England in conjunction with the National Institute of Accountants;
(ii) Issues in Auditing and Professional Practice in the Degree of Master of Commerce (Professional Accounting), offered by the University of New England in conjunction with the National Institute of Accountants.
9.2.04 Prescribed bodies (Act s 1282 (2))
For subparagraph 1282 (2) (a) (i) of the Act, the bodies mentioned in the table are prescribed.
[5] After regulation 9.2.07
Division 2A Conditions on registration
9.2.08 Kinds of conditions (Act s 1289A)
For subsection 1289A (1) of the Act, the following kinds of conditions are specified:
(a) conditions relating to the minimum amount and nature of continuing or other professional education that must be undertaken by a registered company auditor;
(b) conditions relating to the periodic or other review of the audit and audit-related work of a registered company auditor as part of a quality assurance or review program;
(c) conditions relating to having a current policy of professional indemnity insurance for claims against a registered company auditor in relation to audits conducted under the Act;
(d) conditions relating to establishing and maintaining a system for resolving complaints made against a registered company auditor by audit clients in relation to audits conducted under the Act.
[6] After Part 9.2
9.2A.01 Application for registration as authorised audit company (Act s 1299A)
For subsection 1299A (2) of the Act, the information is:
(ii) the applicant’s ABN or ACN;
(iii) the address of the applicant’s registered office;
(i) the director’s name and address;
(ii) the director’s registration number as a registered company auditor; and
(iii) a statement of whether the applicant’s constitution allows a share in the applicant to be held and beneficially owned by a person other than an individual or the legal personal representative of an individual;
(v) a statement to the effect that the applicant is not an externally-administered body corporate; and
(e) the following details about the applicant’s professional indemnity insurance policy for claims that may be made against the applicant in relation to the audit of companies and registered schemes under the Act:
(i) the insurer’s name;
9.2A.03 Annual statements by authorised audit company (Act s 1299G)
(1) For subsection 1299G (1A) of the Act, the information is:
(a) whether the information about the company on the Register of Authorised Audit Companies under section 1299E of the Act is correct; and
(b) a statement of whether the company has, at all times in the relevant period, met the requirements of paragraphs 1299B (a), (b), (c) and (e) of the Act; and
(c) if the company has not, at all times in the relevant period, met the requirements of paragraphs 1299B (a), (b), (c) and (e) of the Act — details about the way in which the company did not meet the requirements; and
(d) the following details about the company’s professional indemnity insurance policy for claims that may be made against the applicant in relation to the audit of companies and registered schemes under the Act:
(iii) the terms and conditions of the policy; and
(e) information about criminal proceedings (if any) that have been taken against the company in the relevant period; and
(f) for each director of the company and each employee of the company who is a registered company auditor, details of criminal or disciplinary proceedings (if any) that have been taken against the director or employee in the relevant period (including exclusion from practice as an auditor or liquidator or suspension of registration as an auditor or liquidator); and
(g) a statement of whether the company has resigned or been removed from office as an auditor during the relevant period; and
(h) if the company has resigned or been removed from office as an auditor during the relevant period, the following details about each resignation or removal:
(i) the name and ACN of the corporation, registered scheme, disclosing entity or financial services licensee being audited;
(ii) the date of the company’s resignation or removal from office;
(iii) the reason for the company’s resignation or removal from office; and
(i) a statement of whether a director or employee of the company has resigned or been removed from office as a liquidator during the relevant period; and
(j) if a director or employee of the company has resigned, or has been removed from office as a liquidator, during the relevant period, the following details about each resignation or removal:
(i) the name and ACN of the corporation, registered scheme, disclosing entity or financial services licensee being liquidated;
(ii) the date of the resignation or removal from office;
(iii) the reason for the resignation or removal from office; and
(k) a list of the 10 audits, including the approximate dollar value of the fees, for which the company has received the highest audit engagement fees in the relevant period.
relevant period means the period of 12 months to which the statement relates under subsection 1299G (1) of the Act.
[7] After Part 10.2
Part 10.5 Transitional provisions relating to the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004
10.5.01 Adoption of auditing standards made by accounting profession before commencement (Act ss 1455 (1) and (3))
(1) For subsections 1455 (1) and (3) of the Act:
(a) a standard (as in force from time to time) mentioned in the table has effect, for the purposes of the Act, as if it had been made by the AUASB under section 336 of the Act on 1 July 2004; and
(b) a standard mentioned in Part 1 of the table has effect as if it specified that it applies to a financial reporting period ending on or after 1 July 2004; and
(c) a standard mentioned in Part 2 of the table has effect as if it specified that it applies to a financial reporting period beginning on or after 15 December 2004.
AUS No.
Objective and General Principles Governing an Audit of a Financial Report
Note This standard was issued in July 2002.
The Auditor’s Responsibility to Consider Fraud and Error in an Audit of a Financial Report
Audit Implications Relating to Entities Using a Service Entity
Note This standard was issued in October 1995.
Existence and Valuation of Inventory
Audit Sampling & Selective Testing Procedures
Audit Evidence Implications of Externally Managed Assets of Superannuation, Provident or Similar Funds
The Auditor’s Use of the Work of the Actuary and the Actuary’s Use of the Work of the Auditor in Connection with the Preparation and Audit of a Financial Report
Auditing Fair Value Measurements & Disclosures
Communication with Management on Matters Arising from an Audit
The Audit Report on Financial Information Other than a General Purpose Financial Report
Note This standard was issued in February 2004.
Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatements
financial reporting period, for a company, registered scheme or disclosing entity, means a financial year or a half-year for which the company, registered scheme or disclosing entity must prepare a financial report.
Note Under section 292 of the Act, a disclosing entity, public company, large proprietary company or registered scheme must prepare a financial report for each financial year. Under section 302 of the Act, a disclosing entity must prepare a financial report for each half-year. Section 323D of the Act deals with financial years and half-years.
[8] Schedule 1, items 147 and 153
[9] Schedule 2, forms 903A and 907
1. These Regulations amend Statutory Rules 2001 No. 193, as amended by 2001 Nos. 208, 318 and 319 (rr 7.9.10 and 7.9.11 were disallowed by the Senate on 16 September 2002); 2002 Nos. 15, 16 (rr 7.9.10, 7.9.11 (1), 7.9.11 (1) (a), 7.9.11 (1) (b) and 7.9.11 (2) were disallowed by the Senate on 16 September 2002), 41, 53, 126, 145, 182, 265 and 282; 2003 Nos. 31, 48, 85, 126, 127, 194, 202, 282 (Sch 3, items [1] to [4], [6], [8] and [9] were disallowed by the Senate on 24 March 2004), 367, 368 and 369; 2004 Nos. 10, 25, 26, 36, 145 and 149.
2. Notified in the Commonwealth of Australia Gazette on 9 July 2004.