Released 5 April 2004. Comment closed 18 May 2004.

The Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Bill 2003 (the CLERP 9 Bill) creates new:

• obligations for auditors in the financial reporting provisions in Chs 2M, 5C and 7 of the Corporations Act 2001 (the Act), which are contained in Schedule 1 of the CLERP 9 Bill, and referred to throughout this policy proposal as the ‘auditor obligations’; and
• financial reporting obligations, which are contained in Schedule 2 (Pts 1 and 2) and Schedule 5 of the CLERP 9 Bill, and referred to throughout this policy proposal as the ‘financial reporting obligations’.

This policy proposal discusses:

• the effect of the auditor obligations and financial reporting obligations on our existing policy statements and practice notes, referred to throughout this policy proposal as ‘policies’ or ‘policy publications’ (Section A); and
• how we will apply our general policy on relief to the auditor obligations and financial reporting obligations (Section B).

The Schedule to this policy proposal summarises in table form the effect of the CLERP 9 Bill on our existing policy publications dealing with auditor obligations and financial reporting obligations.

Download CP 49 (PDF 139 KB) | Read the information release