Corporations Legislation Amendment (Audit Enhancement) Bill 2012

Type
Government
Portfolio
Treasury 
Originating house
House of Representatives 
Status
Act 
Parliament no
43
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. 

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Progress

House of Representatives
29 Feb 2012Introduced and read a first time
29 Feb 2012Second reading moved
13 Mar 2012Referred to Federation Chamber
13 Mar 2012Second reading debate
13 Mar 2012Second reading agreed to
13 Mar 2012Reported from Federation Chamber
13 Mar 2012Third reading agreed to
Senate
14 Mar 2012Introduced and read a first time
14 Mar 2012Second reading moved
18 Jun 2012Second reading debate
18 Jun 2012Second reading agreed to
18 Jun 2012Third reading agreed to


18 Jun 2012Text of bill as passed both Houses
27 Jun 2012Assent

Act no.: 72

Year: 2012

Documents and transcripts

Text of bill

Word Format PDF Format
Word Format PDF Format

Explanatory memoranda

Word Format PDF Format

Transcript of speeches

Proposed amendments

No documents at present

Schedules of amendments

No documents at present

Committee Information

No documents at present

Bills Digest PDF Format

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Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changed to the bill. For details about the outcome of proposed amendments please refer to either theĀ Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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