Document ID: chunk:federal_register_of_legislation:C2007A00001:clause:1_1
Version: federal_register_of_legislation:C2007A00001
Segment Type: clause
Provision Reference: sch 1 cl 1
Character Range: 3084–5527

1  Subsection 11(9B)
Repeal the subsection, substitute:

 (10) ASIC may, with the written consent of the Minister, enter into an agreement or arrangement with a regulatory body of a foreign country under which ASIC undertakes to assist that regulatory body to ascertain whether Australian auditors comply with audit requirements that are:
 (a) imposed by or under laws of that foreign country; or
 (b) adopted as professional standards in that foreign country.

 (11) The Minister may, in writing, vary or revoke the Minister's consent mentioned in subsection (10).

 (12) If ASIC enters into an agreement or arrangement with a regulatory body under subsection (10), it must, as soon as practicable after entering into that agreement or arrangement, by notice published in the Gazette:
 (a) set out the identifying particulars of the regulatory body; and
 (b) give brief particulars of the agreement or arrangement entered into; and
 (c) identify the audit requirements to which the agreement or arrangement relates.

 (13) A notice published under subsection (12) is not a legislative instrument.

 (14) ASIC has the following functions:
 (a) to assist a regulatory body with which it has entered into an agreement or arrangement under subsection (10) to examine the policies and working practices of an Australian auditor, so as to help the regulatory body to ascertain compliance with audit requirements to which the agreement or arrangement relates;
 (b) to disclose to a regulatory body with which it has entered into an agreement or arrangement under subsection (10) the information that ASIC has obtained in assisting in such an examination.

 (15) In performing the function referred to in paragraph (14)(a), ASIC may examine policies and working practices of an auditor in general or in their application to particular audits or in both of those respects.

 (16) ASIC is not under a duty to perform a function referred to in subsection (14) or to exercise a power in relation to such a function.

 (17) ASIC is not subject to any directions of the Minister in relation to:
 (a) entering into an agreement or arrangement under subsection (8) or (10); or
 (b) performing functions or exercising powers referred to in subsection (9); or
 (c) performing functions conferred under subsection (9A) or (14) or exercising any related powers.

Note: The heading to section 11 is altered by omitting "conferred by the States and Territories".