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This instrument revokes the approval by ASIC, in ASIC Class Order [CO 14/784], of 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. The instrument also repeals ASIC Class Order [CO 14/784]. Transitional arrangements apply.
Administered by: Treasury
Registered 08 Jul 2016
Tabling HistoryDate
Tabled HR30-Aug-2016
Tabled Senate30-Aug-2016
Table of contents.

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ASIC Corporations (Revocation and Repeal) Instrument 2016/475

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

Date 27 June 2016

 

 

Stephen Yen

 



Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Revocation and Repeal) Instrument 2016/475.

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(4) of the Corporations Act 2001.

4        Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

5        Definitions

In this instrument:

2004 auditing competency standard means 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.

Act means the Corporations Act 2001.

relevant applicant means a person who:

(a)     as at commencement of this instrument has made an application under section 1279 of the Act for registration as an auditor; or

(b)     between commencement of this instrument and 30 June 2017 makes an application under section 1279 of the Act for registration as an auditor.

 


Schedule 1—Revocation of approval

2004 auditing competency standard approval

1        Revocation of approval

The approval of the 2004 auditing competency standard made in ASIC Class Order [CO 14/784] for the purposes of paragraph 1280(2)(b) of the Act is revoked.

 


Schedule 2—Repeal

ASIC Class Order [CO 14/784]

1        The whole of the instrument

Repeal the instrument.

 


Schedule 3—Transitional

2004 auditing competency standard approval

1        Continuing effect of approval

The approval of the 2004 auditing competency standard made in ASIC Class Order [CO 14/784] continues to apply for the purposes of paragraph 1280(2)(b) of the Act, despite its revocation, in relation to a relevant applicant.

ASIC Class Order [CO 14/784]

2        The whole of the instrument

The instrument continues to apply, despite its repeal, in relation to a relevant applicant.