This practice note replaces Practice Note 34 Auditors' obligations issues on 5 July 1993 and updated on 6 December 1994. It provides guidance on the procedures to be followed by registered company auditors in complying with s311 and s60HG (the auditor reporting obligations) of the Corporations Act 2001.
This practice note covers:
- the policy behind transaction-specific disclosure
- the usage of transaction-specific disclosures
- the content required to be able to use transaction-specific disclosure
- the procedures for obtaining relief
The purpose of this practice note is to clarify some of the accounting-related requirements introduced into the Corporations Law. The practice notes will relate to the following areas of the Corporations Law:
- the financial reporting and audit requirements
- the share capital requirements for companies
- the meeting requirements for public companies
- and - the annual return requirements
This policy statement sets out what relief is available from the disclosure requirements under the Corporations Act 2001 for the on-sale of securities and other financial products.
This policy statement sets out ASIC's approach to:
- registration of an individual as a company auditor or a company as an authorised audit company
- how we will use the power to approve an auditing competency standard under s1280A of the Act
- the lodgement of annual statements by registered company auditors and authorised audit companies
- the general systems and procedures we have put in place for the auditor registration process
This class order applies to financial reports of registered schemes that are disclosing entities for financial years and half-years ending 30 June 2004 to 29 September 2004. It provides relief from any requirement to disclose remuneration paid directly or indirectly to the directors and executives of the scheme's responsible entity.
