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Chapter 1 - Introduction
1.1
The duties of the Parliamentary Joint Committee on Corporations and
Financial Services, as set out in section 243 of the Australian Securities
and Investments Commission Act 2001 (the ASIC Act), include:
(b) to examine each annual report that is prepared by a body
established by this Act and of which a copy has been laid before a House, and
to report to both Houses on matters that appear in, or arise out of, that
annual report and to which, in the Parliamentary Committee's opinion, the
Parliament's attention should be directed ...
1.2
Committee members routinely examine the annual report of the Australian
Securities and Investments Commission (ASIC) as part of their regular oversight
hearings and reports. Committee members considered ASIC's 2008-09 annual report
as part of their preparation for a public hearing held with ASIC on
25 November 2009.[1]
The committee reported on this hearing during February 2010.[2]
1.3
A number of additional bodies are also established under the ASIC Act.
These include:
- the Auditing and Assurance Standards Board
(AUASB)
- the Australian Accounting Standards Board (AASB)
- the Companies Auditors and Liquidators
Disciplinary Board (CALDB)
- the Corporations and Markets Advisory Committee
(CAMAC)
- the Financial Reporting Council (FRC), and
- the Takeovers Panel.
1.4
The committee obtains the annual reports of these bodies and will from
time to time report to the Parliament on matters in these reports to which it
feels the Parliament's attention should be directed.
1.5
However, the committee notes that the annual reports of these bodies are
also subject to scrutiny by the Senate Economics Legislation Committee. Senate
Standing Order 20 requires the Economics Committee to:
(a) Examine each annual report referred to it and report to
the Senate whether the report is apparently satisfactory.
(b) Consider in more detail, and report to the Senate on,
each annual report which is not apparently satisfactory, and on the other
annual reports which it selects for more detailed consideration.
(c) Investigate and report to the Senate on any lateness in
the presentation of annual reports.
(d) In considering an annual report, take into account any
relevant remarks about the report made in debate in the Senate.
(e) If the committee so determines, consider annual reports
of departments and budget-related agencies in conjunction with examination of
estimates.
(f) Report on annual reports tabled by 31 October each year
by the tenth sitting day of the following year, and on annual reports tabled by
30 April each year by the tenth sitting day after 30 June of that
year.
(g) Draw to the attention of the Senate any significant
matters relating to the operations and performance of the bodies furnishing the
annual reports.
(h) Report to the Senate each year whether there are any
bodies which do not present annual reports to the Senate and which should
present such reports.
1.6
Therefore, in conducting its review of the annual reports of bodies
established under the ASIC Act, the committee will confine itself to either raising
urgent matters that it believes should be considered by the Parliament or highlighting
operational matters of key interest. The committee does not consider any of the
issues canvassed in this report to be urgent matters.
1.7
The committee did not hold any public hearings or seek written
submissions during the preparation of this report.
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