Commonwealth legislation

ASIC Corporations (Approval of Auditing Competency Standard) Instrument 2016/474

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Commonwealth

Collection

legislative instrument

Plain English Summary

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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.

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ASIC Corporations (Approval of Auditing Competency Standard) Instrument 2016/474

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ASIC Corporations (Approval of Auditing Competency Standard) Instrument 2016/474

I, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 27 June 2016

Stephen Yen

Contents

Part 1—Preliminary

1 Name of legislative instrument

5 2016 auditing competency standard

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Approval of Auditing Competency Standard) Instrument 2016/474.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under subsection 1280A(1) of the Corporations Act 2001.

4 Definitions

In this instrument:

2016 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.

Act means the Corporations Act 2001.

Part 2—Approval

5 2016 auditing competency standard

The 2016 auditing competency standard is approved for the purposes of paragraph 1280(2)(b) of the Act.

Source text

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

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8

ASIC Corporations (Approval of Auditing Competency Standard) Instrument 2016/474

I, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 27 June 2016

Stephen Yen

Contents

Part 1—Preliminary

1 Name of legislative instrument

5 2016 auditing competency standard

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Approval of Auditing Competency Standard) Instrument 2016/474.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under subsection 1280A(1) of the Corporations Act 2001.

4 Definitions

In this instrument: