Treasury Laws Amendment (Financial Reporting System Reform) Act 2026 (61 of 2026)

Schedule 1   Financial reporting system reform

Part 1   Main amendments

Australian Securities and Investments Commission Act 2001

9   Subsection 5(1)

Insert:

paid work means work for financial gain or reward (whether as an employee, a self-employed person or otherwise).

prescribed auditing firm means:

(a) a company that:

(i) is an authorised audit company; and

(ii) has more than 50 individuals who are registered company auditors and are either a director of the company or hold and beneficially own shares in the company; or

(b) a partnership that is an audit firm where the partnership has more than 50 partners who are registered company auditors.

To avoid doubt, the company or partnership may include individuals or partners that are not registered company auditors (for example a partnership may have some partners who are registered company auditors that provide audit services and other partners that are not registered company auditors that provide other services).

standard-setting board means a standard-setting board of External Reporting Australia established under section 230.