{"id":"F2014L01081","name":"ASIC Class Order [CO 14/784]","slug":"asic-class-order-co-14-784","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":92167,"registerId":"commonwealth-F2014L01081-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Class Order [CO 14/784]","content":"Australian Securities and Investments Commission  \nCorporations Act 2001—Subsection 1280A(1)—Approval\n\nEnabling provision\n\n1. The Australian Securities and Investments Commission makes this instrument under subsection 1280A(1) of the Corporations Act 2001 (the Act).\n\nTitle\n\n2. This instrument is ASIC Class Order \\[CO 14/784\\].\n\nCommencement\n\n3. This instrument commences on the date it is registered under the Legislative Instruments Act 2003.\n\nNote: An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, s 4 (definition of register). The FRLI may be accessed at [http://www.frli.gov.au/](http://www.frli.gov.au/).\n\nApproval\n\n4. The Auditing Competency Standard for Registered Company Auditors issued by CPA Australia and the Institute of Chartered Accountants in Australia as at 24 November 2004 is approved for the purposes of paragraph 1280(2)(b) of the Act.\n\nDated this 7th day of August 2014\n\nSigned by Stephen Yen PSM  \nas a delegate of the Australian Securities and Investments Commission","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument approves an existing auditing competency standard (the version dated 24 November 2004) for the purposes of paragraph 1280(2)(b) of the Corporations Act (section 4). It does not amend the standard or the Act; it records recognition of that particular version and takes effect on registration (sections 3 and 4). There is no textual indication in this instrument that it broadens or narrows the statutory requirement itself."},"complexity_factors":["Short instrument with only four operative provisions (enabling provision, title, commencement, approval).","Cross-reference to an external statutory provision (subsection 1280A(1) and paragraph 1280(2)(b) of the Corporations Act) creates legal dependence on that Act.","Approval applies to a time-stamped version of an external standard (as at 24 November 2004), requiring attention to version control.","Commencement depends on registration under the Legislative Instruments Act, adding a procedural step to effectiveness (section 3).","The instrument exercises administrative discretion (ASIC approval) but does not specify enforcement or compliance mechanisms, leaving those to other rules or practice."],"plain_english_summary":"This instrument records ASIC’s approval of the “Auditing Competency Standard for Registered Company Auditors” as issued by CPA Australia and the Institute of Chartered Accountants in Australia on 24 November 2004, so that this version satisfies the Corporations Act’s competence requirement for registered company auditors and applicants. The approval takes legal effect when the instrument is registered on the Federal Register."},"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1699},"content_quality":"ok","complexity_score":1,"scope_assessment":{"changed":false,"description":"The instrument remains a straightforward administrative approval of the external auditing competency standard, exactly as originally intended, with no expansion of scope."},"complexity_factors":["Extremely short instrument (only 4 operative provisions)","No defined terms or interpretation section","Simple approval mechanism with no conditions, exceptions, or limitations","Single external reference (to the competency standard) with no complex legislative cross-references","No conditional logic, triggers, or operational provisions"],"plain_english_summary":"**What this does:** This document formally approves a professional standard that sets out what skills and knowledge company auditors must have. Specifically, it gives the legal green light to the *Auditing Competency Standard* created by Australia's major accounting bodies.\n\n**Who it affects:**\n- **Registered company auditors** — the people legally allowed to check company financial records\n- **Professional accounting bodies** — the organisations that set training and ethical standards for auditors\n- **Companies and investors** — who rely on audits being performed by properly qualified people\n\n**Why it matters:** Under the Corporations Act, company auditors must meet specific competency requirements to keep their registration. This approval means regulators can use the *Auditing Competency Standard* to legally assess whether auditors are qualified enough. Without this approval, that standard couldn't be used to determine if someone meets the legal requirements to audit companies."}},"importantCases":[],"_links":{"self":"/api/acts/asic-class-order-co-14-784","history":"/api/acts/asic-class-order-co-14-784/history","analysis":"/api/acts/asic-class-order-co-14-784/analysis","conflicts":"/api/acts/asic-class-order-co-14-784/conflicts","importantCases":"/api/acts/asic-class-order-co-14-784/important-cases","documents":"/api/acts/asic-class-order-co-14-784/documents"}}