Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 331AK — Removal and resignation of auditors
(1) The RSE licensee for a registrable superannuation entity may, with ASIC’s consent, remove the auditor of the entity from office. (2) An auditor of a registrable superannuation entity may, by…
Section 331AL — Fees and expenses of auditors
The reasonable fees and expenses of an auditor of a registrable superannuation entity are payable by the RSE licensee for the entity.
Section 332 — Meaning of transparency reporting auditor and transparency reporting year
(1) A transparency reporting auditor is: (a) an individual auditor; or (b) an audit firm; or (c) an authorised audit company. (2) A transparency reporting year is a period of 12 months starting on 1…
Section 332A — Transparency reporting auditors must publish annual transparency reports
(1) This section applies if, during a transparency reporting year, a transparency reporting auditor conducts audits, under Division 3 of Part 2M.3, of 10 or more bodies of any of the following kinds:…
Section 332B — Content of annual transparency report
(1) Subject to subsection (2), an annual transparency report must contain the information prescribed by the regulations. (2) The report may omit information that would otherwise be included under…
Section 332C — Extension of period for publication of annual transparency report
(1) On an application made by a transparency reporting auditor in accordance with subsection (3), ASIC may make an order extending the period within which the auditor must publish an annual…
Section 332D — Exemption orders—applications by transparency reporting auditors
(1) On an application made by a transparency reporting auditor in accordance with subsection (3), ASIC may make an order in writing relieving the auditor from compliance with all or specified…
Section 332E — Exemption orders—class orders for transparency reporting auditors
(1) ASIC may, by legislative instrument, make an order in respect of a specified class of transparency reporting auditors relieving the auditors from all or specified requirements of sections 332A…
Section 332F — Exemption orders—criteria for orders
(1) To make an order under section 332D or 332E exempting a transparency reporting auditor, or class of transparency reporting auditors, from one or more requirements of sections 332A and 332B, ASIC…
Section 332G — Offences by members of audit firm
(1) This Part applies to an audit firm as if it were a person, but with the changes set out in this section. (2) An obligation that would otherwise be imposed on the firm by a provision of this Part…
Section 334 — Accounting standards
AASB’s power to make accounting standards (1) The AASB may, by legislative instrument, make accounting standards for the purposes of this Act or the ASIC Act. The standards must not be inconsistent…
Section 335 — Equity accounting
This Chapter (and, in particular, the provisions on consolidation of financial statements) does not prevent accounting standards from incorporating equity accounting principles.
Section 336 — Auditing standards
AUASB’s power to make auditing standards (1) The AUASB may, by legislative instrument, make auditing standards for the purposes of this Act or the ASIC Act. The standards must not be inconsistent…
Section 336A — Sustainability standards
(1) The AASB may, by legislative instrument, make sustainability standards for the purposes of this Act or the ASIC Act. The standards must not be inconsistent with this Act, the regulations or a…
Section 337 — Interpretation of accounting, auditing and sustainability standards
In interpreting an accounting, auditing or sustainability standard, unless the contrary intention appears: (a) expressions used in the standard have the same meanings as they have in this Chapter;…
Section 338 — Evidence of text of accounting, auditing or sustainability standard
(1) This section applies to a document that purports to be published by, or on behalf of, the AASB or the AUASB and to set out the text of: (a) a specified standard as in force at a specified time…
Section 340 — Exemption orders—companies, registered schemes, registrable superannuation entities and disclosing entities
(1) On an application made in accordance with subsection (3) in relation to a company, registered scheme, registrable superannuation entity or disclosing entity, ASIC may make an order in writing…
Section 340A — Exemption orders—notified foreign passport funds
(1) On an application made in accordance with subsection (3) in relation to a notified foreign passport fund, ASIC may make an order, in writing, relieving any of the following from all or specified…
Section 341 — Exemption orders—class orders for companies, registered schemes, registrable superannuation entities and disclosing entities
(1) ASIC may make an order in writing in respect of a specified class of companies, registered schemes, registrable superannuation entities or disclosing entities, relieving any of the following from…
Section 341A — Exemption orders—class orders for notified foreign passport funds
(1) ASIC may, by legislative instrument, make an order in respect of a specified class of notified foreign passport funds, relieving any of the following from all or specified requirements of Part…
Section 342 — Exemption orders—criteria for orders for companies, registered schemes, registrable superannuation entities, notified foreign passport funds and disclosing entities
(1) To make an order under section 340, 340A, 341 or 341A, ASIC must be satisfied that complying with the relevant requirements of Parts 2M.2, 2M.3 and 2M.4 would: (a) make the financial report,…
Section 342A — ASIC’s power to modify the operation of section 324DA
(1) On an application made in accordance with this section, ASIC may: (a) declare that subsection 324DA(1) applies to a registered company auditor, in relation to the audit of an audited body or a…
Section 342AA — Exemption orders—non-auditor members and former members of audit firms; former employees of audit companies
(1) On an application made in accordance with subsection (3) by any of the following, ASIC may make an order in writing relieving the applicant from all or specified requirements of Division 3 of…
Section 342AB — Exemption orders—class orders for non-auditor members etc.
(1) ASIC may make an order in writing in respect of a specified class of audit firms or audit companies, relieving any of the following from all or specified requirements of Division 3 of Part 2M.4…
Section 342B — Auditor to notify company, registered scheme or registrable superannuation entity of section 342A declaration
(1) If a registered company auditor plays a significant role in the audit of a company, registered scheme or registrable superannuation entity in reliance on a declaration by ASIC under section 342A,…
Section 342AC — Exemption orders—criteria for orders for non-auditor members etc.
To make an order under section 342AA or 342AB, ASIC must be satisfied that complying with the relevant requirements of Division 3 of Part 2M.4 would: (a) make the financial report or other reports…
Section 342C — Documents to be treated as sustainability reports for certain purposes
Orders (1) This section applies in relation to an order made under subsection 340(1) or 341(1) relieving, or having the effect of relieving, a company, registered scheme, registrable superannuation…
Section 343 — Modification by regulations
The regulations may modify the operation of this Chapter in relation to: (a) a specified company, registered scheme, notified foreign passport fund or disclosing entity; or (b) all companies,…
Section 343A — Minister may apply the Chapter to notified foreign passport funds
(1) The Minister may, by legislative instrument: (a) order that this Chapter, or provisions of this Chapter specified in the legislative instrument, are to apply in relation to one or more of the…
Section 344 — Contravention of Part 2M.2 or 2M.3, or of certain provisions of Part 2M.4
(1) A director of a company, registered scheme, registrable superannuation entity or disclosing entity contravenes this section if they fail to take all reasonable steps to comply with, or to secure…
Section 345A — Meaning of review date
(1) The review date for a company is: (a) either: (i) if the company became registered as a company after the commencement of this Act—the anniversary of the company’s registration as a company under…
Section 345AAA — Obligations of registrable superannuation entities
An obligation imposed on a registrable superannuation entity by a provision of this Chapter is to be discharged by the RSE licensee for the entity.
Section 345AAB — Notices etc. given to RSE licensees
For the purposes of this Chapter, if a notice, direction or other document is given to the RSE licensee for a registrable superannuation entity, the notice, direction or other document is taken to be…
Section 345B — Company, responsible entity or operator may change review date
(1) With ASIC’s approval, a company may choose as its review date a date that is different from the anniversary of its registration. (2) With ASIC’s approval, the responsible entity of a registered…
Section 345C — When choice has effect
If ASIC notifies the company, responsible entity or operator of its approval under section 345B, the choice has effect: (a) if the different date occurs before the next review date for the company,…
Section 346A — ASIC must give an extract of particulars each year
(1) ASIC must, within 2 weeks after each review date for a company, registered scheme or notified foreign passport fund, give to the company, responsible entity of the scheme or operator of the fund…
Section 346B — ASIC may ask questions
ASIC may include, in an extract of particulars for a company, registered scheme or notified foreign passport fund, a requirement that the company, responsible entity of the scheme or operator of the…
Section 346C — Requirements in relation to an extract of particulars
Respond if a particular is incorrect (1) A company, a responsible entity of a registered scheme or an operator of a notified foreign passport fund must respond to an extract of particulars that it…
Section 347A — Directors must pass a solvency resolution after each review date
(1) The directors of a company must pass a solvency resolution within 2 months after each review date for the company. (2) Subsection (1) does not apply to the directors of a company that has lodged…
Section 347B — Notice to ASIC
(1) If the directors of a company pass a negative solvency resolution under section 347A, the company must notify ASIC of that fact, in the prescribed form, within 7 days after the resolution is…
Section 347C — Payment of review fee is taken to be a representation by the directors that the company is solvent
(1) If: (a) a company has paid its review fee in respect of a review date; and (b) the company has not lodged a notice under section 347B within 7 days after the end of the 2 month period following…
Section 348A — ASIC may give a return of particulars
(1) ASIC may give to a company or responsible entity of a registered scheme a return of particulars for the company or scheme if ASIC suspects or believes that particulars recorded in relation to the…
Section 348B — ASIC may ask questions
ASIC may include, in a return of particulars for a company, a registered scheme or a notified foreign passport fund a requirement that the company, responsible entity of the scheme or operator of the…
Section 348C — ASIC may require a solvency resolution and statement
(1) ASIC may include, in a return of particulars for a company, a requirement that the company comply with subsection (2) or subsection (3). The company may choose which subsection to comply with.…
Section 348D — General requirements in relation to a return of particulars
Response is required (1) A company, responsible entity of a registered scheme or operator of a notified foreign passport fund must respond to a return of particulars that it receives. The response…
Section 349A — Proprietary companies must notify ASIC of changes to ultimate holding company
(1) If an event mentioned in section 349B, 349C or 349D happens in relation to a proprietary company, the proprietary company must notify ASIC, in the prescribed form and within 28 days after the…
Section 349B — Another company becomes an ultimate holding company
If another company becomes an ultimate holding company in relation to a proprietary company, the proprietary company must notify ASIC of: (a) the other company’s name; and (b) either: (i) if the…
Section 349C — A company ceases to be an ultimate holding company
If a company ceases to be an ultimate holding company in relation to a proprietary company, the proprietary company must notify ASIC of: (a) the name of the company that ceased to be an ultimate…
Section 349D — Ultimate holding company changes its name
If an ultimate holding company in relation to a proprietary company changes its name, the proprietary company must notify ASIC of the new name of the ultimate holding company.
Section 350 — Forms for documents to be lodged with ASIC
(1) A document that this Act requires to be lodged with ASIC in a prescribed form must: (a) if a form for the document is prescribed in the regulations: (i) be in the prescribed form; and (ii)…