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Corporations Legislation Amendment (Audit Enhancement) Bill 2012

2010-2011-2012

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

Corporations Legislation Amendment (Audit Enhancement) Bill 2012

 

No.      , 2012

 

(Treasury)

 

 

 

A Bill for an Act to amend the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001 , and for related purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedule(s)......................................................................................... 2

Schedule 1—Amendment of the Corporations Act 2001                                3

Part 1—Auditor rotation requirements                                                                  3

Part 2—Annual transparency reports                                                                     8

Part 3—Transitional provisions                                                                               14

Schedule 2—Amendment of the Australian Securities and Investments Commission Act 2001                15

Part 1—Auditor independence functions                                                          15

Part 2—Audit deficiency reports                                                                           18

Part 3—Communications with corporations, registered schemes and disclosing entities                22

Part 4—Transitional provisions                                                                               24

 



A Bill for an Act to amend the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001 , and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Corporations Legislation Amendment (Audit Enhancement) Act 2012 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedule 1

The 28th day after this Act receives the Royal Assent.

 

3.  Schedule 2

The day this Act receives the Royal Assent.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedule(s)

                   Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.