Summary

Amends the:

to: enable directors of a listed company or listed registered scheme to extend the auditor rotation period for up to two years in certain circumstances; and require auditors who audit 10 or more certain types of entities to publish a transparency report; and to: revise the functions of the Financial Reporting Council (FRC) to require the FRC to provide the minister and professional accounting bodies with strategic policy advice and reports in relation to the quality of audits conducted by Australian auditors; enable the Australian Securities and Investments Commission (ASIC) to publish an audit deficiency report in relation to specified audit failures by an Australian auditor identified by ASIC; and enable ASIC to communicate certain information obtained during an audit directly with an audited body.