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Bills of previous Parliaments

Although every effort is made to ensure the accuracy of bills homepages, the authoritative sources for verifying the progress of bills are the House of Representatives Votes and Proceedings and the Journals of the Senate.

Corporations Legislation Amendment (Audit Enhancement) Bill 2012


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Amends the: Corporations Act 2001 to: enable directors of a listed company or listed registered scheme to extend the auditor rotation period for up to two years in certain circumstances; and require auditors who audit 10 or more certain types of entities to publish a transparency report; and Australian Securities and Investments Commission Act 2001 to: revise the functions of the Financial Reporting Council (FRC) to require the FRC to provide the minister and professional accounting bodies with strategic policy advice and reports in relation to the quality of audits conducted by Australian auditors; enable the Australian Securities and Investments Commission (ASIC) to publish an audit deficiency report in relation to specified audit failures by an Australian auditor identified by ASIC; and enable ASIC to communicate certain information obtained during an audit directly with an audited body.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 29/02/12  
Second reading moved 29/02/12  
Referred to Federation Chamber 13/03/12  
Second reading debate 13/03/12  
Second reading agreed to 13/03/12  
Reported from Federation Chamber 13/03/12  
Third reading agreed to 13/03/12  
     
Senate
Introduced and read a first time 14/03/12  
Second reading moved 14/03/12  
Second reading debate 18/06/12  
Second reading agreed to 18/06/12  
Third reading agreed to 18/06/12  
     
Text of bill as passed both Houses 18/06/12  
Assent 27/06/12 Act no.: 72 - Year: 2012
     

Text of bill

  • First reading

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  • As passed by both Houses

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Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

Bills Digest



Notes