Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.5 - TRANSITIONAL PROVISIONS RELATING TO THE CORPORATE LAW ECONOMIC REFORM PROGRAM (AUDIT REFORM AND CORPORATE DISCLOSURE) ACT 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.

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.

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.

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).

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).

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.

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.

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.

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.

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.

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.

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.

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.

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.