Footnotes

Chapter 1 - Scrutiny of annual reports

[1]        Mr Lionel Bowen, Attorney-General, House of Representatives Hansard, Second Reading Speech, Australian Securities Commission Bill 1988, 25 May 1988, p. 2991. The ASIC Act predominantly replicates the administrative structure established in the Australian Securities Commission Act 1989. Section 261 of the ASIC Act directs that bodies established under the Australian Securities Commission Act continue in existence as if they had been established under the ASIC Act.

[2]        ASIC Act 2001, s. 235J.

[3]        ASIC Act 2001, s. 236DG.

Chapter 2 - Review of the 2010–11 annual reports of bodies established under the ASIC Act

[1]        Corporations Act 2001, Part 9.2, Division 3.

[2]        CALDB, Annual report: 2010-11, p. 2.

[3]        ASIC Act 2001, s. 214.

[4]        CALDB, Annual report: 2010-11, p. 1.

[5]        CALDB, Annual report: 2010-11, p. 13.

[6]        CALDB, Annual report: 2010-11, p. 13.

[7]        Corporations Act 2001, s, 1317B; Administrative Decisions (Judicial Review) Act 1977, s. 5; CALDB, Annual report:201-11, p. 8.

[8]        CALDB, Annual report: 2010-11, p. 14.

[9]        CALDB, Annual report: 2009-10, pp 14 - 15. For the 2009-10 financial year, orders were issued for one matter.

[10]      CALDB, Annual report: 2010-11, p. 12.

[11]      CALDB, Annual report: 2010-11, Table: 'Results by nature of sanction', p. 14.

[12]      CALDB, Annual report: 2010–11, p.13; CALDB, Annual report: 2009–10, pp 14-15; CALDB, Annual report:2008–09, pp 13 – 14; CALDB, Annual report: 2007-08, pp 13 – 14; CALDB, Annual report: 2006–07, pp 13 – 14; CALDB, Annual report: 2005-06, p. 11; CALDB, Annual report: 2004–05, p. 11; CALDB, Annual report: 2003–04, p. 10.

[13]      Senate Economics References Committee, The regulation, registration and remuneration of insolvency practitioners in Australia: the case for a new framework, September 2010, pp 78, 151.

[14]      Senate Economics References Committee, The regulation, registration and remuneration of insolvency practitioners in Australia: the case for a new framework, Recommendation 4, pp 151 – 152.

[15]      Australian Government, Options paper: a modernisation and harmonisation of the regulatory framework applying to insolvency practitioners in Australia, June 2011, available at: http://www.treasury.gov.au/contentitem.asp?ContentID=2060&NavID, (accessed 11 February 2012).

[16]      Australian Government, Proposals paper: A modernisation and harmonisation of the regulatory framework applying to insolvency practitioners in Australia, December 2011, p. 2, available at: http://www.treasury.gov.au/contentitem.asp?NavId=037&ContentID=2264 (accessed 11 February 2012).

[17]      Joint Parliamentary Committee on Corporations and Financial Services, Report on annual reports: 2009-10, February 2011, p. 8.

[18]      Prior to 2001, CAMAC existed as the Companies and Securities Advisory Committee. Section 261 of the ASIC Act directs that bodies established under the Australian Securities Commission Act 1989 continue in existence as if they had been established under the ASIC Act.

[19]      ASIC Act 2001, s. 148.

[20]      CAMAC, Annual report: 2010–11, p. 17.

[21]      CAMAC, Annual report: 2010–11, p. 67.

[22]      CAMAC, Annual report: 2010–11, p. 23.

[23]      CAMAC, Annual report: 2010–11, p. 27.

[24]      CAMAC, Annual report: 2010–-11, p. 30.

[25]      CAMAC, Annual report: 2010–11, pp 28 – 29.

[26]      CAMAC, Annual report: 2010–11, pp 3 – 10.

[27]      CAMAC, Annual report: 2010–11, p. 10.

[28]      ASIC Act 2001, s. 152.

[29]      Remuneration Tribunal, Determination 2010/11: Remuneration and allowances for holders of part-time public office, 1 August 2010, p. 10.

[30]      Remuneration Tribunal, Determination 2009/14: Remuneration and allowances for holders of part-time public office, 1 October 2009, p. 10.

[31]      CAMAC, Annual report: 2010–11, p. 63.

[32]      Explanatory Memorandum, Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Bill 2003, p. 146.

[33]      Corporations Act 2001, paragraph 323EG(1)(c).

[34]      FRP, Annual report: 2010–11, p. 1.

[35]      FRP, Annual report: 2010–11, p. 12.

[36]      2006–07: balance of $361 589 of $1 000 000 appropriated revenue (source: FRP, Annual report: 2006–07, p. 22); 2007–08: balance of $467 652 of $1 000 000 appropriated revenue (source: FRP, Annual report: 2007–08, p. 9); 2008–09: balance of $624 268 of $780 000 appropriated revenue (source: FRP, Annual report: 2008–09, p. 11); 2009–10: balance of $286 758 of $388 000 appropriated revenue (source: FRP, Annual report: 2009–10, p. 11).

[37]      The Hon David Bradbury MP, Parliamentary Secretary to the Treasurer, 'Closure of the Financial Reporting Panel', Media release 003, 7 February 2012.

[38]      Australian Government, Mid-Year Economic and Fiscal Outlook 2010–11, Appendix A: Part 2: Policy decisions taken between the 2010–11 Budget and the 2010 PEFO, p. 262.

[39]      The Treasury, Discussion Paper – Financial Reporting Panel, http://www.treasury.gov.au/contentitem.asp?NavId=037&ContentID=2220 (accessed 7 February  2012).

[40]      The Hon. David Bradbury MP, Parliamentary Secretary to the Treasurer, 'Closure of the Financial Reporting Panel', Media release 003, 7 February 2012.

Chapter three - Review of annual reports of bodies established under Part 12 of the ASIC Act

[1]        ASIC Act 2001, s. 224.

[2]        ASIC Act 2001, s. 235B,s. 227, s. 227B.

[3]        ASIC Act 2001, s. 235B; AASB, Annual report: 2010-11, p. 13; AUASB, Annual report: 2010–11, p. 15.

[4]        ASIC Act 2001, Division 3, Part 3. For a detailed explanation of ASIC's role in the operation of Australia's financial reporting requirements see The Treasury, Audit quality in Australia: A strategic review, March 2010, Part 4, pp 26–30.

[5]        The Treasury, Audit quality in Australia: A strategic review, p. 26.

[6]        See Note, section 225, ASIC Act.

[7]        Section 261 of the ASIC Act directs that bodies established under the Australian Securities Commission Act 1989 continue in existence as if they had been established under the ASIC Act.

[8]        ASIC Act 2001, ss. 225(1).

[9]        ASIC Act 2001, ss. 225(2B).

[10]      ASIC Act 2001, paragraph 224(b)(ii).

[11]      ASIC Act 2001, ss225(2); ss225(2A).

[12]      FRC, Annual report: 2010–11, Appendix A, p. 51.

[13]      See Note 1, section 227, ASIC Act.

[14]      Section 261 of the ASIC Act directs that bodies established under the Australian Securities Commission Act 1989 continue in existence as if they had been established under the ASIC Act.

[15]      ASIC Act 2001, s. 227.

[16]      ASIC Act 2001, s. 224.

[17]      ASIC Act 2001, s. 227.

[18]      ASIC Act 2001, s. 226A.

[19]      AASB, Annual report: 2010–11, p. 14.

[20]      ASIC Act 2001, s. 224.

[21]      ASIC Act 2001, ss227B; Corporations Act 2001, s 336.

[22]      ASIC Act 2001, ss227B.

[23]      ASIC Act 2001, s. 227AB.

[24]      AUASB, Annual report: 2010–11, p. 52.

[25]      AUASB, Annual report: 2010–11, p. 16.

[26]      ASIC Act 2001, ss225(2).

[27]      ASIC Act 2001,s. 236AA, s. 236EA, s. 232.

[28]      FRC, Annual report: 2010–11, p. 45.

[29]      AASB, Annual report: 2010–11, p. 41; AUASB, Annual report: 2010–11, p. 36.

[30]      FRC, Annual report: 2010–11, p 7.

[31]      FRC, Annual report: 2010–11, pp 53 – 54.

[32]      FRC, Annual report: 2010–11, p. 3.

[33]      FRC, Annual report: 2010–11, p. 30.

[34]      FRC, Annual report: 2010–11, p. 2.

[35]      Treasury, Audit quality in Australia: A strategic review, March 2010, p. 32.

[36]      Treasury, Audit quality in Australia: A strategic review, Key finding 11, p. 32.

[37]      FRC, Annual report: 2010–11, p. 8.

[38]      FRC, Annual report: 2010–11, p. 2

[39]      Treasury, Audit quality in Australia: A strategic review, Part 6, pp. 45–54.

[40]      Keith A. Houghton, Christine Jubb, Michael Kend and Juliana Ng, Australian National Centre for Audit and Assurance Research, The future of auditing, 2009, p. 58.

[41]      FRC, Annual report: 2010–11, p. 17.

[42]      Parliamentary Joint Committee on Corporations and Financial Services, Report on the 2009–10 annual reports of bodies established under the ASIC Act, February 2011, p. 3.

[43]      AUASB, Annual report: 2010–11, p. 30.

[44]      AUASB, Annual report: 2010–11, p. 3.

[45]      Treasury, Audit quality in Australia: A strategic review, p. 52.

[46]      Treasury, Audit quality in Australia: A strategic review, Key finding 20, p. 53.

[47]      AUASB, Annual report: 2010-11, p. 3.

[48]      AUASB, Annual report: 2010-11, p. 30.

[49]      Treasury, Audit quality in Australia: A strategic review, p. 23.

[50]      AASB, Annual report: 2010-11, p. 3.

[51]      AASB, Annual report: 2010-11, p. 19.

[52]      AASB, Annual report: 2010–11, p. 3.

[53]      Parliamentary Joint Committee on Financial Services, Report on the 2009–10 annual reports of bodies established under the ASIC Act, February 2011, p. 5.

[54]      AASB, Annual report: 2010–11, p. 6.

[55]      AASB, Annual report: 2010–11, p. 34.

Chapter 4 - Other matters relevant to the operation of the corporations legislation

[1]        ASIC Act 2001, s. 2; Gazette 2001 No. S285.

[2]        ASIC Act 2001, Act No. 51 of 2001, as made 28 June 2001, available on ComLaw, http://www.comlaw.gov.au/Details/C2004A00819/Download (accessed 15 February 2012).

[3]        Corporations Legislation Amendment Bill 1990, Explanatory Memorandum, para. 1267–1268.

[4]        Corporations Legislation Amendment Bill 1990, Explanatory Memorandum, para. 1348.

[5]        Australian Securities and Investments Commission Bill 2001, Explanatory Memorandum, para 2.4.

[6]        Corporations (Repeals, Consequentials and Transitionals) Act 2001, s. 2; ASIC Act 2001, s. 2. Both Acts commenced 'at the commencement of the Corporations Act 2001' on 15 July 2001 (see Gazette 2001, No. S285).