CORPORATIONS REGULATIONS 2001 - REG 10.5.01 Adoption of auditing standards made by accounting profession before commencement (Act ss 1455 (1) and (3))

Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 10.5.01

Adoption of auditing standards made by accounting profession before commencement (Act ss 1455 (1) and (3))

(1) For subsections 1455 (1) and (3) of the Act:

(a) a standard (as in force from time to time) mentioned in the table has effect, for the purposes of the Act, as if it had been made by the AUASB under section 336 of the Act on 1 July 2004; and

(b) a standard mentioned in Part 1 of the table has effect as if it specified that it applies to a financial reporting period ending on or after 1 July 2004; and

(c) a standard mentioned in Part 2 of the table has effect as if it specified that it applies to a financial reporting period beginning on or after 15 December 2004; and

(d) a standard mentioned in Part 3 of the table has effect as if it specified that it applies to a financial reporting period beginning on or after 15 June 2005.

Item	AUS No.	Title
Part 1
101	104	Glossary of Terms
102	202	Objective and General Principles Governing an Audit of a Financial Report Note This standard was issued in July 2002.
103	204	Terms of Audit Engagements
104	206	Quality Control for Audit Work Note This standard was issued in July 2002.
105	208	Documentation
106	210	The Auditor's Responsibility to Consider Fraud and Error in an Audit of a Financial Report Note This standard was issued in January 2002.
107	212	Other Information in Documents Containing Audited Financial Reports
108	214	Auditing in a CIS Environment
109	218	Consideration of Laws and Regulations in an Audit of a Financial Report
110	302	Planning
111	304	Knowledge of the Business
112	306	Materiality and Audit Adjustments
113	402	Risk Assessments and Internal Controls Note This standard was issued in July 2002.
114	404	Audit Implications Relating to Entities Using a Service Entity
115	502	Audit Evidence Note This standard was issued in October 1995.
116	504	External Confirmations
117	506	Existence and Valuation of Inventory
118	508	Inquiry Regarding Litigation and Claims
119	510	Initial Engagements - Opening Balances
120	512	Analytical Procedures
121	514	Audit Sampling & Selective Testing Procedures
122	516	Audit of Accounting Estimates
123	518	Related Parties
124	520	Management Representations
125	522	Audit Evidence Implications of Externally Managed Assets of Superannuation, Provident or Similar Funds
126	524	The Auditor's Use of the Work of the Actuary and the Actuary's Use of the Work of the Auditor in Connection with the Preparation and Audit of a Financial Report
127	526	Auditing Fair Value Measurements & Disclosures
128	602	Using the Work of Another Auditor
129	604	Considering the Work of Internal Auditing
130	606	Using the Work of an Expert
131	702	The Audit Report on a General Purpose Financial Report
132	704	Comparatives
133	706	Subsequent Events
134	708	Going Concern
135	710	Communication with Management on Matters Arising from an Audit
136	802	The Audit Report on Financial Information Other than a General Purpose Financial Report
137	902	Review of Financial Reports
Part 2
201	202	Objective and General Principles Governing an Audit of a Financial Report Note This standard was issued in February 2004.
201A	210	The Auditor's Responsibility to Consider Fraud and Error in an Audit of a Financial Report Note This standard was issued in June 2004.
202	402	Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatements Note This standard was issued in February 2004.
203	406	The Auditor's Procedures In Response to Assessed Risks
204	502	Audit Evidence Note This standard was issued in February 2004.
Part 3
301	206	Quality Control for Audits of Historical Financial Information Note This standard was issued in June 2004.

(2) In this regulation:

"financial reporting period" , for a company, registered scheme or disclosing entity, means a financial year or a half-year for which the company, registered scheme or disclosing entity must prepare a financial report.

Note Under section 292 of the Act, a disclosing entity, public company, large proprietary company or registered scheme must prepare a financial report for each financial year. Under section 302 of the Act, a disclosing entity must prepare a financial report for each half-year. Section 323D of the Act deals with financial years and half-years.

(3) Each standard mentioned in subregulation (1) ceases to have effect in relation to a financial reporting period that ends after 29 June 2007.

10.15.01 Application of Part 10.15

For subsection 1513 (1) of the Act, this Part deals with matters of a transitional, application or saving nature relating to the amendments and repeals made by Schedule 1 to the Corporations Amendment (Financial Market Supervision) Act 2010 (the amending Schedule ).

10.15.02 Amendments not to apply to certain operators of licensed markets

The amendments made by the amending Schedule do not apply to the following operators of licensed markets :

(a) BGC Partners (Australia) Pty Limited;

(b) Bloomberg Tradebook Australia Pty Ltd;

(d) Yieldbroker Pty Limited.

Note The requirement in subsection 798H (1) of the Act for an operator of a licensed market to comply with the market integrity rules was introduced by one of the amendments made by the amending Schedule.

10.15.03 Transfer of documents

(1) This regulation applies if:

(a) an operator of a licensed market, a related body corporate of the operator, or an employee of the operator, gives information in confidence to ASIC; and

(b) the information relates to the operation of Part 7.2 of the Act; and

(c) the information was requested by, or given to, ASIC to help ASIC exercise its powers or perform its functions under Part 7.2A of the Act.

(2) The information does not cease to be the subject of legal professional privilege solely because the information has been given to ASIC.

(3) The operator or employee:

(a) has qualified privilege in respect of the giving of the information to ASIC; and

(b) is not liable to any person in relation to the giving of the information to ASIC.

(4) The giving of the information to ASIC is not to be taken to be:

(a) a contravention of a law, including a law relating to privacy or confidentiality; or

(b) a breach of contract or duty to a person.

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