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ASIC oversight leads to problems with auditor registrations

8 August 2014

ASIC has admitted that a failure to lodge a legislative instrument dating back to 2005 may have resulted in the registration of a number of auditors being "adversely affected".

In November 2004 ASIC approved the Auditing Competency Standard for Registered Company Auditors (the Standard) which provided a framework for company auditors to be registered under the Corporations Act 2001 (Cth). This legislative instrument was not subsequently lodged for registration by the Commonwealth Attorney-General's Department as part of the requirements of the Legislative Instruments Act 2003 (Cth).  The error may have caused the Standard to be repealed.

ASIC has issued two class orders ([CO 14/757] and [CO 14/784]) to try to rectify the problem and has announced that the Australian Government will be introducing remedial legislation to address the issues to ensure that past registrants are still eligible to conduct their business.

For more information please contact:

Mark Madsen | Partner
Mullins Lawyers
t +61 7 3224 0241
f +61 7 3224 0333
mmadsen@mullinslaw.com.au

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