Document ID: chunk:federal_register_of_legislation:C2004A01334:clause:12_1462:p1
Version: federal_register_of_legislation:C2004A01334
Segment Type: clause
Provision Reference: sch 12 cl 1462 (pt 1/2)
Character Range: 422037–424658

1462  Audit reforms in Schedule 1 to the amending Act (auditor independence)

 (1) Section 307C applies to a financial report for financial years that start on or after 1 July 2004.

 (2) Division 3 of Part 2M.4 applies to:
 (a) an audit of the financial report for a financial year; or
 (b) an audit or review of the financial report for a half‑year in a financial year;
if the financial year begins on or after 1 July 2004.

 (3) Division 3 of Part 2M.4 applies to all relationships that exist on or after the Schedule 1 commencement between an auditor and an audited body (including a relationship that exists because of circumstances that came into existence before the Schedule 1 commencement).

 (4) Without limiting subsection (3), the items in the table in subsection 324CH(1) apply to circumstances that exist on or after the Schedule 1 commencement (including circumstances that exist because of events that occurred before the Schedule 1 commencement).

 (5) Item 9 of the table in subsection 324CE(5) applies to a person who ceases to be a professional employee of the individual auditor concerned on or after the Schedule 1 commencement.

 (6) Item 10 of the table in subsection 324CE(5) applies to a person who ceases to own the business of the individual auditor concerned on or after the Schedule 1 commencement.

 (7) Item 11 of the table in subsection 324CF(5) applies to a person who ceases to be a member of the audit firm concerned on or after the Schedule 1 commencement.

 (8) Item 12 of the table in subsection 324CF(5) applies to a person who ceases to be a professional employee of the auditor firm concerned on or after the Schedule 1 commencement.

 (9) Item 11 of the table in subsection 324CG(9) applies to a person who ceases to be an officer of the audit company concerned on or after the Schedule 1 commencement.

 (10) Item 12 of the table in subsection 324CG(9) applies to a person who ceases to be a professional employee of the audit company concerned on or after the Schedule 1 commencement.

 (11) Section 324CI applies only if the relevant departure time for the purposes of that section occurs on or after the Schedule 1 commencement.

 (12) Section 324CJ applies only if the relevant departure time for the purposes of that section occurs on or after the Schedule 1 commencement.

 (13) Section 324CK applies to a person only if:
 (a) the person is on the Schedule 1 commencement, or becomes after the Schedule 1 commencement, a member of the audit firm concerned or a director of the audit company concerned; and
 (b) becomes an officer of the audited body concerned on or after