ASIC consults on audit relief for proprietary companies and reporting relief for wholly-owned companies

ASIC has issued a consultation paper proposing to remake three class orders that are due to expire (sunset) on October 1, 2016 and April 1, 2017. The class orders affect the audit of proprietary companies and financial reporting by wholly-owned entities.

The consultation paper also seeks feedback on ASIC guidance documents on audit relief and on reporting relief for wholly-owned companies.

The class orders proposed to be remade under Consultation Paper 267 Remaking and repealing ASIC class orders on audit and financial reporting (CP 267) are:

  • Class Order [CO 98/1417] Audit relief for proprietary companies
  • Class Order [CO 98/1418] Wholly-owned entities
  • Class Order [CO 01/1256] Qualified accountant.

ASIC proposes to remake these class orders as they are operating effectively and efficiently, and continue to form a necessary and useful part of the legislative framework.

Each class order has been redrafted using ASIC’s current style and format, while preserving the current effect of the instrument. The draft ASIC instruments, which reflect the amendments proposed in the consultation paper, are available on the website.

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