Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 (103 of 2004)
Schedule 1 Audit Reform
Part 2 Qualifications of auditors
Corporations Act 2001
63 After subsection 1292(1)
Insert:
(1A) In determining for the purposes of subparagraph (1)(b)(ii) whether audit work performed by a person is significant, have regard to:
(a) the nature of the audit; and
(b) the extent to which the person was involved in the audit; and
(c) the level of responsibility the person assumed in relation to the audit.
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