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

Schedule 1   Amendments

[4]   Regulations 9.2.01, 9.2.02, 9.2.03 and 9.2.04

substitute

9.2.01 Practical experience in auditing (Act s 1280 (2))

For subparagraph 1280 (2) (b) (ii) of the Act, each of the following is prescribed practical experience in auditing:

(a) during the 5 years immediately before the date of the application, at least 3,000 hours work in auditing under the direction of a registered company auditor, including:

(i) appraising the operations of companies and forming opinions on the matters specified in sections 307, 308 and 309 of the Act; and

(ii) at least 750 hours spent supervising audits of companies;

(b) practical experience that, in the opinion of ASIC, is equivalent to the practical experience mentioned in paragraph (a);

(c) work of the kind and duration mentioned in paragraph (a) that was done under previous laws corresponding to sections 307, 308 and 309 of the Act.

9.2.02 Prescribed universities and institutions (Act ss 1280 (2A) and 1282 (2))

For paragraph 1280 (2A) (a) and subparagraph 1282 (2) (a) (ii) of the Act:

(a) the universities mentioned in Part 1 of the table are prescribed; and

(b) the institution mentioned in Part 2 of the table is prescribed.

9.2.03 Prescribed courses (Act s 1280 (2A))

For paragraph 1280 (2A) (c) of the Act, the courses prescribed are:

(a) the following courses conducted by The Institute of Chartered Accountants in Australia:

(i) Financial Reporting and Assurance in the CA Program;

(ii) Accounting 2 in the Professional Year Program;

(iii) Audit and EDP Module in the Professional Year Program;

(iv) an audit module in the Professional Year Program conducted before 1986 that is equivalent to a course mentioned in subparagraph (i), (ii) or (iii); and

(b) the Assurance Services and Auditing in the CPA Program course conducted by CPA Australia; and

(c) the following courses conducted by, or on behalf of, the National Institute of Accountants:

(i) Issues in Auditing and Professional Practice in the Graduate Certificate in Professional Accounting, offered by the University of New England in conjunction with the National Institute of Accountants;

(ii) Issues in Auditing and Professional Practice in the Degree of Master of Commerce (Professional Accounting), offered by the University of New England in conjunction with the National Institute of Accountants.

9.2.04 Prescribed bodies (Act s 1282 (2))

For subparagraph 1282 (2) (a) (i) of the Act, the bodies mentioned in the table are prescribed.