Corporations Amendment Regulations 2004 (No. 7) (208 of 2004)

Schedule 1   Amendments

[6]   After Part 9.2

insert

Part 9.2A Authorised audit companies

Division 1 Registration

9.2A.01 Application for registration as authorised audit company (Act s 1299A)

For subsection 1299A (2) of the Act, the information is:

(a) the following information about the applicant:

(i) the applicant's name;

(ii) the applicant's ABN or ACN;

(iii) the address of the applicant's registered office;

(iv) the address of the principal place at which the applicant proposes to practise as an auditor;

(v) the address of each other place (if any) at which the applicant proposes to practise as an auditor; and

(b) the following information about each director of the applicant:

(i) the director's name and address;

(ii) the director's registration number as a registered company auditor; and

(c) the following statements:

(i) a statement to the effect that none of the directors of the applicant have been disqualified from managing a company under Part 2D.6 of the Act;

(ii) a statement to the effect that each share in the applicant is held and beneficially owned by an individual or by the legal personal representative of an individual;

(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;

(iv) a statement to the effect that a majority of the votes that may be cast at a general meeting of the applicant attach to shares in the applicant that are held and beneficially owned by individuals who are registered company auditors;

(v) a statement to the effect that the applicant is not an externally-administered body corporate; and

(d) the name and address of each person who performs a chief executive officer function (within the meaning of section 295A of the Act) in relation to the applicant; 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;

(ii) the policy number;

(iii) the terms and conditions of the policy.

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:

(i) the insurer's name;

(ii) the policy number;

(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.

(2) In this regulation:

relevant period means the period of 12 months to which the statement relates under subsection 1299G (1) of the Act.