Corporations Act 2001
View history note
Hide history noteIn 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.
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.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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 .
Section 307C applies to a financial report for financial years that start on or after 1 July 2004.
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.
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.
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).
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).
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.
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.
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.
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.
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.
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.
Section 324CI applies only if the relevant departure time for the purposes of that section occurs on or after the Schedule 1 commencement.
Section 324CJ applies only if the relevant departure time for the purposes of that section occurs on or after the Schedule 1 commencement.
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.
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.
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.
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).]
The amendments made by Schedule 2A to the amending Act apply to directors' reports for periods that start on or after 1 July 2004.
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.
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.
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.
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.
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.
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.