Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 (103 of 2004)

Schedule 1   Audit Reform

Part 8   Companies Auditors and Liquidators Disciplinary Board

Australian Securities and Investments Commission Act 2001

135   Subsection 203(1)

Repeal the subsection, substitute:

(1) The Disciplinary Board consists of:

(a) a Chairperson; and

(b) a Deputy Chairperson; and

(c) 3 members that the Minister selects from a panel of 7 persons nominated by the Board of the Institute of Chartered Accountants in Australia; and

(d) 3 members that the Minister selects from a panel of 7 persons nominated by the Board of Directors of CPA Australia; and

(e) 6 members that the Minister selects who are eligible under subsection (2A) for appointment as a member.

(1A) The accounting members are the members appointed under paragraphs (1)(c) and (d). Of the accounting members, the ICAA members are the members appointed under paragraph (1)(c) and the CPAA members are the members appointed under paragraph (1)(d). The business members are the members appointed under paragraph (1)(e).

(1B) A person must not be nominated under paragraph (1)(c) or (d) unless the person is resident in Australia.