{"id":"F2016L01169","name":"ASIC Corporations (Approval of Auditing Competency Standard) Instrument 2016/474","slug":"asic-corporations-approval-of-auditing-competency-standard-instrument-2016-474","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":438887,"registerId":"F2016L01169-fast-fetch-1775955124228","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Approval of Auditing Competency Standard) Instrument 2016/474","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.jpeg)\n\nASIC Corporations (Approval of Auditing Competency Standard) Instrument 2016/474\n\nI, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\nDate 27 June 2016\n\n \n\n \n\nStephen Yen\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc454807188)\n\n[1 Name of legislative instrument](#_Toc454807189)\n\n[2 Commencement](#_Toc454807190)\n\n[3 Authority](#_Toc454807191)\n\n[4 Definitions](#_Toc454807192)\n\n[Part 2—Approval](#_Toc454807193)\n\n[5 2016 auditing competency standard](#_Toc454807194)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Approval of Auditing Competency Standard) Instrument 2016/474.\n\n2 Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\nNote: The register may be accessed at [www.legislation.gov.au](http://www.legislation.gov.au).\n\n3 Authority\n\nThis instrument is made under subsection 1280A(1) of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\n2016 auditing competency standard means the Auditing Competency Standard for Registered Company Auditors dated August 2015 and issued by CPA Australia, Chartered Accountants Australia and New Zealand and the Institute of Public Accountants, as in force at the date of this instrument.\n\nAct means the Corporations Act 2001.\n\nPart 2—Approval\n\n5 2016 auditing competency standard\n\nThe 2016 auditing competency standard is approved for the purposes of paragraph 1280(2)(b) of the Act.\n\n \n","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument does not change the statutory scope of the Corporations Act. It simply designates the 2016 auditing competency standard as the approved benchmark for the purposes of paragraph 1280(2)(b) of the Act, without amending who is covered or altering the Act's substantive requirements (see definitions at s4 and approval at s5)."},"complexity_factors":["Narrow legal effect—the instrument only approves an external standard rather than creating new rules or processes (s5).","Delegated administrative act—made under subsection 1280A(1) of the Corporations Act and executed by an ASIC delegate (s3).","Dependency on external document—the substance of regulatory requirements is contained in the external '2016 auditing competency standard' issued by professional bodies; instrument refers to that standard 'as in force at the date' (definition in s4).","Minimal procedural content—the instrument lacks enforcement, transitional, or compliance-detail provisions and relies on the Corporations Act for implementation (s5).","Concentrated compliance impact—compliance costs and obligations fall on registered company auditors who must meet the approved standard; compliance burden therefore concentrated on that profession (s5)."],"plain_english_summary":"This instrument formally approves the Auditing Competency Standard for Registered Company Auditors (the 2016 standard) so it operates as the benchmark for auditor competency under the Corporations Act. It directly affects registered company auditors (who must meet the approved standard) and the agencies that assess auditor registration. The approval makes an external professional standard legally operative for registration decisions, creating compliance obligations for auditors and giving ASIC a clear reference for assessing competency."},"kimi_summary":{"content_quality":"ok","complexity_score":1,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose: approving a specific auditing competency standard. It has not expanded beyond this narrow technical function."},"complexity_factors":["Extremely short: only 5 sections across 2 Parts","Only 2 defined terms ('2016 auditing competency standard' and 'Act')","Single operative provision (section 5) with no conditions or exceptions","No cross-references to other legislation beyond the enabling provision (Corporations Act s 1280A(1))","No procedural requirements, time limits, or administrative mechanisms","Straightforward approval mechanism: 'The standard is approved'"],"plain_english_summary":"This instrument formally approves the 2016 Auditing Competency Standard published by CPA Australia, Chartered Accountants ANZ and the Institute of Public Accountants as meeting the Corporations Act competency requirements for registered company auditors.\n\nIt gives legal recognition to the professional bodies' benchmark, affecting registered auditors, those bodies, and companies that rely on audited financial statements."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-approval-of-auditing-competency-standard-instrument-2016-474","history":"/api/acts/asic-corporations-approval-of-auditing-competency-standard-instrument-2016-474/history","analysis":"/api/acts/asic-corporations-approval-of-auditing-competency-standard-instrument-2016-474/analysis","conflicts":"/api/acts/asic-corporations-approval-of-auditing-competency-standard-instrument-2016-474/conflicts","importantCases":"/api/acts/asic-corporations-approval-of-auditing-competency-standard-instrument-2016-474/important-cases","documents":"/api/acts/asic-corporations-approval-of-auditing-competency-standard-instrument-2016-474/documents"}}