CHAPTER 10
-
TRANSITIONAL PROVISIONS
PART 10.5
-
TRANSITIONAL PROVISIONS RELATING TO THE CORPORATE LAW ECONOMIC REFORM PROGRAM (AUDIT REFORM AND CORPORATE DISCLOSURE) ACT 2004
History
Part 10.5 inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
SECTION 1453
1453
DEFINITIONS
In this Part:
amending Act
means the
Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004
.
old Act
means this Act as in force immediately before the commencement day.
Schedule 1 commencement
means the day on which Schedule 1 to the
Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004
commences.
Schedule 4 commencement
means the day on which Schedule 4 to the
Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004
commences.
Schedule 5 commencement
means the day on which Schedule 5 to the
Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004
commences.
Schedule 8 commencement
means the day on which Schedule 8 to the
Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004
commences.
History
S 1453 inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
SECTION 1454
1454
AUDIT REFORMS IN SCHEDULE 1 TO THE AMENDING ACT (AUDITING STANDARDS AND AUDIT WORKING PAPERS RETENTION RULES)
Sections
307A
,
307B
and
989CA
apply 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.
History
S 1454 inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
SECTION 1455
AUDIT REFORMS IN SCHEDULE 1 TO THE AMENDING ACT (ADOPTION OF AUDITING STANDARDS MADE BY ACCOUNTING PROFESSION BEFORE COMMENCEMENT)
1455(1)
[
Standard specified]
The regulations may provide that a standard specified in the regulations (as in force from time to time) is to have effect, for the purposes of this Act, as if it had been made by the AUASB under section
336
on the day specified in the regulations.
History
S 1455(1) inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
1455(2)
[
Standard made by AARF]
The standard must be one made or issued by the Australian Accounting Research Foundation before the Schedule 1 commencement on behalf of CPA Australia and The Institute of Chartered Accountants in Australia.
History
S 1455(2) inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
1455(3)
[
Standard to have effect]
The regulations may provide that the standard is to have effect as if it specified that it applies to periods ending, or starting, on or after a date specified in the standard.
History
S 1455(3) inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
1455(4)
[
Sunset operation]
Standards prescribed under subsection (1) do not have effect as auditing standards:
(a)
in relation to financial reports for periods ending after 30 June 2006; or
(b)
in relation to financial reports for periods ending after a later date specified by regulations made for the purposes of subsection (1) before 30 June 2006.
History
S 1455(4) inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
1455(5)
[
Effect of contravention]
A person does not commit an offence based on a contravention of section
307A
, subsection
308(3A)
or
309(5A)
or section
989CA
because an audit or review is not conducted in accordance with, or does not include a statement or disclosure required by, an auditing standard prescribed under subsection (1) if the audit or review is conducted in relation to a financial report for a period ending before that standard ceases to have effect as an auditing standard.
Note: This subsection does not prevent, however, other action being taken on the basis of the failure to comply with the auditing standard (for example, the person's failure to comply with the standard being referred to the Companies Auditors and Liquidators Disciplinary Board).
History
S 1455(5) amended by No 1 of 2007, s 3, Sch 2
[
1] (effective 1 July 2004).
S 1455(5) inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
SECTION 1456
1456
AUDIT REFORMS IN SCHEDULE 1 TO THE AMENDING ACT (NEW COMPETENCY STANDARD PROVISIONS)
If an application by a person for registration as a registered company auditor:
(a)
is lodged with ASIC before the Schedule 1 commencement; and
(b)
has not been determined before that day;
section 1280 of the old Act continues to apply to the application despite the amendments made by the amending Act.
History
S 1456 inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
SECTION 1457
AUDIT REFORMS IN SCHEDULE 1 TO THE AMENDING ACT (NEW ANNUAL STATEMENT REQUIREMENTS FOR AUDITORS)
1457(1)
[
Application]
The requirement under section
1287A
for a registered company auditor to lodge an annual statement applies from the first anniversary of the auditor's registration that occurs on or after 1 January 2005.
1457(2)
[
First annual statement]
The first annual statement lodged under section
1287A
should cover the period commencing either:
(a)
immediately after the period covered by the last triennial statement; or
(b)
the day on which the auditor was registered;
whichever is later, and ending on the first anniversary of registration occurring on or after 1 January 2005.
History
S 1457 inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
SECTION 1458
1458
AUDIT REFORMS IN SCHEDULE 1 TO THE AMENDING ACT (IMPOSITION OF CONDITIONS ON EXISTING REGISTRATION AS COMPANY AUDITOR)
ASIC may impose conditions on a person's registration as a company auditor under section
1289A
even if the registration took effect before the Schedule 1 commencement.
History
S 1458 inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
SECTION 1459
1459
AUDIT REFORMS IN SCHEDULE 1 TO THE AMENDING ACT (APPLICATION OF ITEMS 62 AND 63)
The amendments made by items 62 and 63 of Schedule 1 to the amending Act apply to periods that start on or after 1 January 2005.
History
S 1459 inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
SECTION 1460
1460
AUDIT REFORMS IN SCHEDULE 1 TO THE AMENDING ACT (NON-AUDIT SERVICES DISCLOSURE)
Subsections
300(11B)
to
(11E)
apply to an audit of the financial report for a financial year if the financial year begins on or after 1 July 2004.
History
S 1460 inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
SECTION 1461
AUDIT REFORMS IN SCHEDULE 1 TO THE AMENDING ACT (AUDITOR APPOINTMENT)
1461(1)
[
Reconstitution of audit firms]
Section
324AC
applies to all appointments of firms as auditor (including an appointment that was made before the Schedule 1 commencement).
1461(2)
[
Existing appointments]
The appointment of a person as auditor of a company or registered scheme made before the Schedule 1 commencement under section 327 or 331AB of the old Act remains valid and effective despite the repeal of that section.
1461(3)
[
Existing ASIC approval]
An approval by ASIC that is in force under subsection 324(12) of the old Act immediately before the Schedule 1 commencement has effect on and after the Schedule 1 commencement as if it had been given under section
324B
.
History
S 1461 inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
SECTION 1462
AUDIT REFORMS IN SCHEDULE 1 TO THE AMENDING ACT (AUDITOR INDEPENDENCE)
1462(1)
[
Auditor's independence declaration]
Section
307C
applies to a financial report for financial years that start on or after 1 July 2004.
History
S 1462(1) inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
1462(2)
[
Audit of financial report]
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.
History
S 1462(2) inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective30 June 2004).
1462(2A)
[
Continued application of old Act]
The following provisions of the old Act continue to apply to an audit of the financial report for a financial year, or an audit or review of the financial report for a half-year in a financial year, if the financial year begins before 1 July 2004:
(a)
subsections 324(1) to (6) (inclusive) (other than paragraphs 324(1)(d) and (2)(d) and (e));
(b)
subsection 324(11);
(c)
subsection 327(4);
(d)
section 331AA (other than paragraphs 331AA(1)(d) and (2)(d) and (e)).
Subsection 331AA(4) of the old Act continues to apply as if the references in that subsection to subsections 324(7), (8), (9), (10) and (16) were omitted.
History
S 1462(2A) inserted by No 138 of 2005, Sch 2
[
1] (effective 30 June 2004).
S 1462(2A) inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
1462(3)
[
Employment and financial relationships]
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).
History
S 1462(3) inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
1462(4)
[
Employment and financial relationships]
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).
History
S 1462(4) inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
1462(5)
[
Professional employee]
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.
History
S 1462(5) inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
1462(6)
[
Business owner]
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.
History
S 1462(6) inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
1462(7)
[
Former member]
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.
History
S 1462(7) inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
1462(8)
[
Former professional employee]
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.
History
S 1462(8) inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
1462(9)
[
Former officer]
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.
History
S 1462(9) inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
1462(10)
[
Former professional employee]
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.
History
S 1462(10) inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
1462(11)
[
Cooling-off provisions
-
s 324CI]
Section
324CI
applies only if the relevant departure time for the purposes of that section occurs on or after the Schedule 1 commencement.
History
S 1462(11) inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
1462(12)
[
Cooling-off provisions
-
s 324CJ]
Section
324CJ
applies only if the relevant departure time for the purposes of that section occurs on or after the Schedule 1 commencement.
History
S 1462(12) inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
1462(13)
[
Multiple officer restraint rule]
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 the Schedule 1 commencement.
History
S 1462(13) inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
SECTION 1463
1463
AUDIT REFORMS IN SCHEDULE 1 TO THE AMENDING ACT (AUDITOR ROTATION)
Division
5
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 2006.
History
S 1463 inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
SECTION 1464
1464
AUDIT REFORMS IN SCHEDULE 1 TO THE AMENDING ACT (LISTED COMPANY AGMs)
The amendments made by Part 5 of Schedule 1 to the amending Act apply to AGMs at which financial reports for financial years that commence on or after 1 July 2004 are considered.
History
S 1464 inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
SECTION 1465
SCHEDULE 2 TO THE AMENDING ACT (FINANCIAL REPORTING)
1465(1)
The amendments made by Part 1 of Schedule 2 to the amending Act apply to directors
'
declarations in relation to financial reports for financial years that start on or after 1 July 2004.
1465(2)
The amendments made by Part 2 of Schedule 2 to the amending Act apply to directors
'
reports for financial years that start on or after 1 July 2004.
1465(3)
The amendments made by Part 3 of Schedule 2 apply to financial reports lodged with ASIC on or after 1 January 2004.
[
CCH Note:
S 1465(3) will be amended by No 69 of 2020, s 3, Sch 1[1293], by inserting
"
or the Registrar
"
after
"
ASIC
"
, (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
History
S 1465 inserted by No 103 of 2004, s 3, Sch 12
[
2].
SECTION 1466A
1466A
SCHEDULE 2A TO THE AMENDING ACT (TRUE AND FAIR VIEW)
The amendments made by Schedule 2A to the amending Act apply to directors' reports for periods that start on or after 1 July 2004.
History
S 1466A inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
SECTION 1466
1466
SCHEDULE 3 TO THE AMENDING ACT (PROPORTIONATE LIABILITY)
The amendments made to this Act and the
Trade Practices Act 1974
by Schedule 3 to the amending Act apply to causes of action that arise on or after the day on which that Schedule commences.
History
S 1466 inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
SECTION 1467
SCHEDULE 4 TO THE AMENDING ACT (ENFORCEMENT)
1467(1)
[
Protection for whistleblowers]
The amendments made by Part 2 of Schedule 4 apply to all disclosures made on or after the day on which this Act receives the Royal Assent (including a disclosure of information about circumstances that arose before that day).
1467(2)
[
Disqualification of directors]
Section
206BA
applies to disqualifications from managing corporations that occur because of convictions on or after the Schedule 4 commencement.
1467(3)
[
Civil penalty provisions]
The amendments made by Part 4 of Schedule 4 to the amending Act apply in relation to a contravention of a financial services civil penalty provision that occurs on or after the day on which this Act receives the Royal Assent.
History
S 1467 inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
SECTION 1468
SCHEDULE 5 TO THE AMENDING ACT (REMUNERATION OF DIRECTORS AND EXECUTIVES)
1468(1)
[
Application]
Subject to subsections (2) and (3), the amendments made by Schedule 5 to the amending Act apply to financial years commencing on or after 1 July 2004.
1468(2)
[
Termination benefits]
The amendments made by items 4, 4A and 5 of Schedule 5 to the amending Act apply to an agreement only if the agreement is entered into on or after the Schedule 5 commencement.
1468(3)
[
Remuneration reports]
The amendments made by items 6, 7 and 8 of Schedule 5 to the amending Act apply to remuneration reports for financial years that start on or after 1 July 2004.
History
S 1468 inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
SECTION 1469
SCHEDULE 6 TO THE AMENDING ACT (CONTINUOUS DISCLOSURE)
1469(1)
[
Contravention by individuals]
The amendments made by Part 1 of Schedule 6 to the amending Act apply in relation to a contravention of subsection
674(2)
or
675(2)
that occurs on or after the day on which this Act receives the Royal Assent.
1469(2)
[
Infringement notices]
The amendments made by Part 2 of Schedule 6 to the amending Act apply in relation to a failure by a disclosing entity to comply with subsection
674(2)
or
675(2)
that occurs on or after the day on which this Act receives the Royal Assent.
History
S 1469 inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).
SECTION 1470
SCHEDULE 7 TO THE AMENDING ACT (DISCLOSURE RULES)
1470(1)
The amendments made by Part 1 of Schedule 7 to the amending Act apply to a disclosure document for an offer of securities if the disclosure document is lodged with ASIC on or after the day on which this Act receives the Royal Assent.
[
CCH Note:
S 1470(1) will be amended by No 69 of 2020, s 3, Sch 1[1293], by inserting
"
or the Registrar
"
after
"
ASIC
"
, (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
1470(2)
The amendments made by Part 2 of Schedule 7 to the amending Act apply to a Product Disclosure Statement that is required to be given on or after the day on which this Act receives the Royal Assent.
1470(3)
The amendment made by items 10 and 11 of Schedule 7 to the amending Act applies to an offer of debentures that is made on or after the day on which this Act receives the Royal Assent.
1470(4)
Section
708A
applies to an offer of securities for sale that is made on or after the day on which this Act receives the Royal Assent.
1470(5)
Section
1012DA
applies to:
(a)
a recommendation situation if the relevant conduct (within the meaning of subsection
1012A(2)
); and
(b)
a sale situation if the relevant conduct (within the meaning of subsection
1012C(2)
);
occurs on or after the day on which this Act receives the Royal Assent.
History
S 1470 inserted by No 103 of 2004, s 3, Sch 12
[
2].
SECTION 1471
SCHEDULE 8 TO THE AMENDING ACT (SHAREHOLDER PARTICIPATION AND INFORMATION)
1471(1)
[
Notice of a meeting of members]
The amendments made by items 1 to 6, 13 and 17 of Schedule 8 to the amending Act apply to a notice of a meeting of a company's members that is given after 30 September 2004.
1471(2)
[
Appointment of proxy]
The amendments made by items 7 to 12 and 14 of Schedule 8 to the amending Act apply to an appointment of a proxy that is made on or after the Schedule 8 commencement.
1471(2A)
[
Qualifications of company secretary]
The amendment made by item 14A of Schedule 8 to the amending Act applies to reports for financial years that start on or after 1 July 2004.
1471(3)
[
Directorships]
The amendment made by item 15 of Schedule 8 to the amending Act applies to a directors' report for a financial year that starts on or after 1 July 2004.
1471(4)
[
Electronic notification of annual reports]
The amendment made by item 16 of Schedule 8 to the amending Act applies to a report referred to in subsection
314(1)
for a financial year that starts on or after 1 July 2004.
History
S 1471 inserted by No 103 of 2004, s 3, Sch 12
[
2] (effective 30 June 2004).