Commonwealth legislation

ASIC Class Order [CO 05/83]

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

3/10 complexity

This instrument lets auditors give their independence declaration before directors formally approve the annual report, rather than only with the audit report. It applies to auditors of companies, registered schemes, and disclosing entities and to the directors who approve those reports.

To use the relief, directors must sign the report within 7 days of receiving the declaration and the auditor must issue the audit report within 7 days of that signing; the audit report must confirm the earlier declaration would still be accurate or explain any change. This helps meet tight reporting deadlines while preserving investor information on auditor independence.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 05/83].

Relief for timing of auditor’s independe

Relief for timing of auditor’s independence declaration

An individual auditor and a lead auditor do not have to comply with subsections 307C(1) and (3) of the Act respectively to the extent that a declaration that they are required to give to the directors (the relevant directors) of a company, registered scheme or disclosing entity under those subsections must be given at the time specified in subsection 307C(5) of the Act.
This relief may be relied on only where all of the following apply:

(a) The declaration is given to the relevant directors before they pass the resolution required under subsection 298(2) or 306(3) of the Act (as relevant) in relation to the directors’ report (which must, under subsection 298(1) or 306(2) of the Act, include a copy of the declaration).

(b) The directors’ report is signed within 7 days after the declaration is given.

(c) The auditor’s report required under section 308 or 309 of the Act for the audit or review to which the declaration relates is made within 7 days after the directors’ report is signed and either:

(i) includes a statement to the effect that the declaration would be in the same terms if it had been given to the relevant directors at the time the audit report was made; or

(ii) includes statements:

(A) to the effect that circumstances have changed since the declaration was given to the relevant directors; and

(B) setting out how the declaration would differ if it had been given to the relevant directors at the time the audit report was made.

Dated this 4th day of February 2005

Signed by Brendan Byrne
as a delegate of the Australian Securities and Investments Commission

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

Relief for timing of auditor’s independe Relief for timing of auditor’s independence declaration