On 30 September 2011, the Parliamentary Secretary to the Treasurer released an exposure draft of the Corporations Legislation Amendment (Audit Enhancement) Bill 2011, the draft explanatory memorandum and a Regulation Impact Statement. The reforms contained in the draft legislation include:
- changes to the rotation periods for audit partners;
- requiring the larger audit firms to prepare annual transparency reports;
- changes to the functions of the Financial Reporting Council and Australian Securities and Investments Commission (ASIC); and
- enhanced powers for ASIC.
A Regulation Impact Statement was prepared by the Treasury and assessed as adequate by the Office of Best Practice Regulation.
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