Resources

This section outlines the legislation, regulatory documents and standards applicable to financial reporting and auditing.

Professional registers	Search for registered auditors listed in our professional register.
Media releases	Releases about financial reporting and auditing issues.
Legislative requirements	Key financial reporting and audit legislative requirements of Corporations Act 2001.
Standards	Links to accounting, auditing and professional and ethical standards.
Regulatory Documents	ASIC issued guidance to help interpret the financial reporting and audit legislative requirements, including information sheets, regulatory guides, class orders and other regulatory documents.
Useful contacts	These contacts may be able to answer your questions about specific issues

Professional registers

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Media releases

Releases about financial reporting and auditing

Legislative requirements

Key Financial Reporting and Audit legislative requirements of Corporations Act 2001. The table below summarises key legislative requirements for financial reporting and audit from the Corporations Act 2001. You can obtain a copy of the Corporations Act to review the detail of relevant parts by researching the Commonwealth of Australia law website

Source	Relevant part
Chapter 2M Financial Reports and Audit
Overview	Part 2M.1
Financial Records	Part 2M.2
Financial Reporting	Part 2M.3
Appointment and Removal of Auditors	Part 2M.4
Accounting and Auditing Standards	Part 2M.5
Exemptions and Modifications	Part 2M.6
Sanctions for Contraventions of Chapter	Part 2M.7
Miscellaneous
Small Business Guide	Part 5.1
Indemnities and Insurance for Officers and Auditors	Part 2D.2
Meetings of Members of Companies	Part 2G.2
Meetings of Members of Registered Managed Investment Schemes	Part 2G.4
Registration of Auditors and Liquidators	Part 9.2
Managed Investment Schemes
The Compliance Plan	Part 5C.4
The Responsible Entity	Part 5C.2
Financial Services and Markets
Financial records, statements and audit	Part 7.8 Div6

Standards

Useful links:

Regulatory documents

Information sheets | Regulatory guides | Class orders

Information Sheets (Info Sheets)
Info sheets provide concise guidance on a specific process or compliance issue or an overview of detailed guidance.

Info sheet 62 Removal of an auditor under the Corporations Act 2001
Info sheet 64 Resignation and removal of auditors of registered schemes or compliance plans
Info sheet 65 Resignation of an auditor under the Corporations Act 2001
Info Sheet 17 Changing a financial year
Info Sheet 20 Checklist for companies and their officers
Info Sheet 31 Financial reporting requirements
Info Sheet 32 Foreign companies
Info Sheet 76 What books and records should my company keep?
Info Sheet 79 Your company and the law

Regulatory guides
These documents give guidance to regulated entities by:

explaining when and how ASIC will exercise specific powers under legislation (primarily the Corporations Act)
explaining how ASIC interprets the law
describing the principles underlying ASIC's approach, and/or
giving practical guidance (for example, describing the steps of a process such as applying for a licence, or giving practical examples of how regulated entities may decide to meet their obligations).

Regulatory Guides relevant to financial reporting:

RG 16 External administrators – Reporting and lodging
RG 22 Directors' statement as to solvency
RG 28 Relief from dual lodgment of financial reports
RG 43 Financial reports and audit relief
RG 51 Applications for relief
RG 58 Reporting requirements - registered foreign companies and Australian companies with foreign company shareholders
RG 68 New financial reporting and procedural requirements
RG 85 Reporting requirements for non-reporting entities
RG 95 Disclosing entity provisions relief
RG 115 Audit relief for proprietary companies
RG 166 Licensing: Financial requirements
RG 174 Externally administered companies: Financial reporting and AGMs
RG 230 Disclosing non-IFRS financial information

Regulatory Guides relevant to auditing:

RG 20 Disclosure of convictions and proceedings
RG 22 Directors' statement as to solvency
RG 26 Resignation of auditors
RG 34 Auditor's obligations: reporting to ASIC
RG 43 Financial reports and audit relief
RG 112 Independence of experts
RG 115 Audit relief for proprietary companies
RG 180 Auditor registration
RG 187 Auditor rotation

Class Orders
Class orders are instruments that have a wider application. They usually apply to a class of persons who carry out a particular activity in certain circumstances, for example, timeshare scheme operators, corporations conducting market research, operators of managed investment schemes based on syndicate arrangements. ASIC refers to class orders using the prefix 'CO' before their number. For example, instrument 03/67 is a class order, and is referred to as [CO 03/67].

Class Orders relevant to financial reporting:

[CO 10-654] Inclusion of parent entity financial statements in financial reports
[CO 08/15] Disclosing entities - half-year financial reporting relief
[CO 06/68] Conditional relief for foreign licensees from financial reporting and record keeping obligations
[CO 05-642] Combining financial reports of stapled securities issuers
[CO 05/639] Application of accounting standards by non-reporting entities
[CO 02/1432] Registered foreign companies – financial reporting requirements
[CO 99/90] Concise Reports
[CO 98/2395] Transfer of information from directors' reports
[CO 98/2016] Entities which cease to be disclosing entities before their deadline
[CO 98/1418] Wholly owned entities
[CO 98/1417] Audit relief for proprietary companies
[CO 98/106] Financial reports of superannuation funds, approved deposit funds and pooled superannuation trusts
[CO 98/104] Dual lodgement relief
[CO 98/100] Rounding in financial reports and directors' reports
[CO 98/98] Small proprietary companies which are controlled by a foreign company but which are not part of a large group (see IR07/37)
[CO 98/96] Synchronisation of financial year with foreign parent company (see IR07/37)

Class Orders relevant to financial reporting and audit:

[CO 06/441] Including different registered scheme financial reports in a single document
[CO 06/6] Dual lodgment relief for NSX-listed disclosing entities
[CO 03/823] Relief from licensing, accounting and audit requirements for foreign authorised deposit-taking institutions
[CO 03/748] Reporting requirements under s989B
[CO 03/392] Externally administered companies: Financial reporting relief
[CO 02/968] Interim relief from financial reporting obligations for companies in external administration
[CO 02/551] Recognised accountant
[CO 01/1256] Qualified accountant
[CO 00/2451] Electronic lodgment of certain reports with the ASX – approval
[CO 98/106] Financial reports of superannuation funds, approved deposit fuinds and pooled superannuation trusts
[CO 98/101] Members of companies, registered schemes and disclosing entities who are uncontactable
[CO 98/2395] Transfer of information from the director's report

Other ASIC Resources

Useful contacts

These contacts may be able to answer your questions about specific issues. Please refer to the relevant website listed below for current contact details.

ASIC's contact details
- ASIC's Financial Reporting and Audit Team
  ASIC's Financial Reporting and Audit Team is focused on accountants and auditors' role in market integrity and financial reporting and audit surveillance activities. It liaises with other accounting organisations, including the Financial Reporting Council and Australian Accounting Standards Board, domestically, and other regulatory and standard setting bodies, internationally. The team also develops ASIC policy on accounting, financial reporting, disclosure and auditing matters in relation to ASIC's regulatory programs and the accounting profession, including class orders.
- ASIC's Corporations Team and Emerging Mining & Resources Team
  These ASIC teams consider individual applications for relief from financial reporting obligations.
Australian Accounting Standards Board (AASB)
Auditing and Assurance Standards Board (AUASB)
Accounting Professional & Ethical Standards Board (APESB)
Financial Reporting Council (FRC)
Companies Auditors and Liquidators Disciplinary Board (CALDB)

Professional Bodies

More about ASIC's financial reporting and auditing liaison actitivies

Financial reporting and audit overview

ASIC Website: Printed 05/23/2013

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