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) will ‘update and enhance’ the existing regulatory requirements in Pt 9.2 of the Corporations Act 2001 (the Act), which apply to accountants seeking registration as company auditors.

This policy proposal paper sets out:

• our approach to registration of an individual as a company auditor or a company as an authorised audit company (Section A);
• our approach to how we will use the power to approve an auditing competency standard under cl 1280A of the CLERP 9 Bill (Section B); and
• our approach to the lodgment of annual statements by registered company auditors and authorised audit companies (Section C).

The Schedule aims to provide you with an indication of the general systems and procedures that we intend to put in place for the auditor registration process. Although it does not form part of the auditor registration policy proposals in the main paper, we welcome any feedback you may have.

This paper does not discuss the professional indemnity insurance arrangements that you must have to register a company as an authorised audit company. That will be covered by a separate policy proposal paper.

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