Corporations Amendment Regulation 2012 (No. 5) (171 of 2012)

Schedule 1 Amendments

[2] After Schedule 7

insert

Schedule 7A Content of annual transparency report

(subregulation 2M.4A.02 (1))

Part 1 Interpretation for Schedule 7A

7A101 Interpretation

In this Schedule:

management body , for an authorised audit company, means the Board of Directors.

relevant transparency reporting year means the transparency reporting year to which an annual transparency report relates.

Note 1 Many terms and expressions used in this Schedule have the meaning given by the Act. For example:

annual transparency report

audit

audit activity

audit firm

authorised audit company

director

engage in audit activity

financial year

individual auditor

non-audit services provider

professional accounting body

professional member of an audit team

remuneration

transparency reporting auditor

transparency reporting year.

Note 2 See regulation 2M.4A.01 for an application provision that, read in combination with regulation 2M.4A.02, is relevant to Schedule 7A.

Part 2 Prescribed information for audit firm or authorised audit company

Item	Information
7A201	A description of the transparency reporting auditor's: (a)legal structure; and (b)ownership
7A202	If the transparency reporting auditor belongs to a network, a description of:
	(a)the network; and (b)the legal arrangements of the network; and (c)the structural arrangements of the network
7A203	A description of the transparency reporting auditor's governance structure
7A204	A description of the transparency reporting auditor's internal quality control system
7A205	A statement by the transparency reporting auditor's administrative body or management body on the effectiveness of the functioning of the transparency reporting auditor's internal quality control system in the relevant transparency reporting year
7A206	The name of each body that is authorised to review the transparency reporting auditor (for example, ASIC or a professional accounting body) and the date of the most recent review of the transparency reporting auditor conducted by the body
7A207	The names of bodies of the kinds mentioned in subsection 332A (1) of the Act for which the transparency reporting auditor conducted an audit under Division 3 of Part 2M.3 of the Act in the relevant transparency reporting year
7A208	A statement about the transparency reporting auditor's independence practices in the relevant transparency reporting year, including the date on which the transparency reporting auditor most recently conducted an internal review of its independence compliance
7A209	A statement about the policy that the transparency reporting auditor follows regarding the minimum amount and nature of continuing or other professional education that professional members of an audit team must undertake during the relevant transparency reporting year
7A210	Financial information for the transparency reporting auditor that relates to the relevant transparency reporting year, including: (a)total revenue; and
	(b)revenue relating to: (i)audits of financial statements conducted by the transparency reporting auditor; and (ii)other services provided by the transparency reporting auditor
7A211	Information concerning the basis for remuneration of: (a)the audit firm's partners; or (b)the authorised audit company's directors

Part 3 Prescribed information for individual auditor

Item	Information
7A301	If the transparency reporting auditor belongs to a network, a description of:
	(a)the network; and (b)the legal arrangements of the network; and (c)the structural arrangements of the network
7A302	A description of the transparency reporting auditor's internal quality control system
7A303	The name of each body that is authorised to review the transparency reporting auditor (for example, ASIC or a professional accounting body) and the date of the most recent review of the transparency reporting auditor conducted by the body
7A304	The names of bodies of the kinds mentioned in subsection 332A (1) of the Act for which the transparency reporting auditor conducted an audit under Division 3 of Part 2M.3 of the Act in the relevant transparency reporting year
7A305	A statement that sets out the transparency reporting auditor's independence practices in the relevant transparency reporting year
7A306	Financial information for the transparency reporting auditor that relates to the relevant transparency reporting year, including: (a)total revenue; and (b)revenue relating to: (i)audits of financial statements conducted by the transparency reporting auditor; and (ii)other services provided by the transparency reporting auditor

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