Commonwealth legislation

Native Title (Representative Bodies — Audit of Financial Statements) Regulations 2005

In ForceCTH

Jurisdiction

Commonwealth

Act Number

288 of 2005

Collection

legislative instrument

Plain English Summary

2/10 complexity

These Regulations set who may audit the financial statements of native title representative bodies by prescribing auditor qualifications and independence limits under s203DC(5) of the Native Title Act. They affect representative bodies, their related corporates, executive officers, and auditors by specifying eligibility and disqualification rules.

Auditor eligibility is restricted to registered company auditors or authorised audit companies under the Corporations Act, and independence requirements prohibit appointment of members, employees, or executive officers of the representative body or related entities (s4(c)).

JSON API Accounting / audit standards

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Current sections

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Native Title (Representative Bodies — Audit of Financial Statements) Regulations 2005

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Native Title (Representative Bodies — Audit of Financial Statements) Regulations 20051

Select Legislative Instrument 2005 No. 288

I, PHILIP MICHAEL JEFFERY, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Native Title Act 1993.

Dated 1 December 2005

P. M. JEFFERY

Governor-General

By His Excellency’s Command

AMANDA VANSTONE

Minister for Immigration and Multicultural and Indigenous Affairs

1 Name of Regulations

These Regulations are the Native Title (Representative Bodies — Audit of Financial Statements) Regulations 2005.

2 Commencement

These Regulations are taken to have commenced on 1 July 2005.

3 Definitions

In these Regulations:

Act means the Native Title Act 1993.

executive officer:

(a) in relation to an representative body:

(i) means an executive officer within the meaning of section 201A of the Act; and

(ii) without limiting subparagraph (i), includes the Chief Financial Officer of the representative body; and

(b) in relation to a related body corporate — means:

(i) a director of the body corporate; or

(ii) any other person who is concerned in, or takes part in, the management of the body corporate at a senior level.

related body corporate has the same meaning as in the Corporations Act 2001.

4 Qualifications of auditor

For subsection 203DC (5) of the Act, the following qualifications are prescribed for a person for appointment to audit the financial statements of a representative body:

(a) for an individual — the person must be a registered company auditor within the meaning of the Corporations Act 2001;

(b) for a body corporate — the person must be an authorised audit company within the meaning of the Corporations Act 2001;

(i) the representative body; or

(ii) a related body corporate.

Note

Note: 1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.frli.gov.au.

Source text

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

1 Native Title (Representative Bodies — Audit of Financial Statements) Regulations 2005