Footnotes

Chapter 1 - Scrutiny of annual reports

[1]        The Hon Lionel Bowen MP, 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.

[4]        Corporations Legislation Amendment (Financial Reporting Panel) Act 2012

Chapter 2 - Review of the 2011–12 annual reports of bodies established under the ASIC Act

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

[2]        CALDB, Annual report: 2011-12, p. 2.

[3]        ASIC Act 2001, s. 214.

[4]        CALDB, Annual report: 2011-12, p. 12.

[5]        CALDB, Annual report: 2011-12, p. 12.

[6]        CALDB, Annual report: 2011-12, p. 12.

[7]        CALDB, Annual report: 2011-12, p. 15.

[8]        Corporations Act 2001, s, 1317B; Administrative Decisions (Judicial Review) Act 1977, s. 5; CALDB, Annual report:2011-12, p. 8.

[9]        CALDB, Annual report: 2012-12, p. 13.

[10]      CALDB, Annual report: 2011-12, Table: 'Results by nature of sanction', p. 13.

[11]      CALDB, Annual report: 2011–12, p.13; 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.

[12]      CALDB, Annual report: 2011-12, p. 1.

[13]      Mr Paul Fletcher MP, Committee Hansard, 4 April 2012, p. 4.

[14]      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.

[15]      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.

[16]      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).

[17]      Treasury, Insolvency Law Reform Bill 2013: explanatory material, available at: http://www.treasury.gov.au/ConsultationsandReviews/Submissions/2012/Insolvency-Law-Reform-Bill, (accessed 12 February 2013)

[18]      Treasury, Insolvency Law Reform Bill 2013: explanatory material, available at: http://www.treasury.gov.au/ConsultationsandReviews/Submissions/2012/Insolvency-Law-Reform-Bill, (accessed 1 February 2013)

[19]      Joint Parliamentary Committee on Corporations and Financial Services, Report on annual reports: 2010-11, February 2012, p. 8.

[20]      Joint Parliamentary Committee on Corporations and Financial Services, Report on the inquiry into the collapse of Trio Capital, May 2012, pp 98–99.

[21]      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.

[22]      ASIC Act 2001, s. 148.

[23]      CAMAC, Annual report: 2011–12, p. 15.

[24]      CAMAC, Annual report: 2011–12, p. 44.

[25]      CAMAC, Annual report: 2011–12, pp 21 – 22.

[26]      CAMAC, Annual report: 2011–12, p. 21.

[27]      CAMAC, Annual report: 2011–12, p. 28.

[28]      CAMAC, Annual report: 2011–12, pp 26 – 27.

[29]      CAMAC, Annual report: 2011–12, pp 4 – 7.

[30]      CAMAC, Annual report: 2011–12, p. 9.

[31]      In the committee's March 2012 Report on Annual Reports the committee referred to Note 14 to the financial statements recording an expenditure of $15 100 for auditor services provided by the Auditor-General.  The committee noted that the accompanying text states that the auditing services were provided free of charge. Line two of the Statement of comprehensive income, which recorded a gain of $15 100 from resources provided free of charge and by note 1.4 which stated that '[u]se of these resources is recognised as an expense'. The committee noted that neither the statement nor note 1.4 directly refers to the auditing services, the link between the expenditure on auditing services and the resources which CAMAC received free of charge can only be inferred. The committee argued that it would improve the clarity of the annual report if note 14 were to directly refer the reader to note 1.4 and to line two of the Statement of comprehensive income. PJC on Corporations and Financial Services, Report on Annual Reports 2010–11, March 2012, p. 10.

[32]      CAMAC, Annual report: 2011–12, p. 62.

[33]      CAMAC, Annual report: 2011–12, p. 59.

[34]      CAMAC, Annual report: 2011–12, p. 28.

[35]      CAMAC, Report on managed investment schemes, July 2012, p. 75

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

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

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

[39]      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.

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

[41]      Corporations Legislation Amendment (Financial Reporting Panel) Act 2012.

[42]      Financial Reporting Panel, Annual Report 2011–12, p. 1.

[43]      Corporations Act 2001, Part 6.10, Division 2.

[44]      Corporations Act 2001, s. 658C.

[45]      Takeovers Panel, Annual Report 2011–12, p. 21.

[46]      Australian Securities and Investments Commission Act 2001, s. 172.

[47]      Takeovers Panel, Annual Report 2011–12, pp 7-8. The annual report did not refer to what those matters were.

[48]      Takeovers Panel, Annual Report 2011–12, p. 6.

[49]      Takeovers Panel, Annual Report 2011–12, p. 3

[50]      Takeovers Panel, Annual Report 2011–12, p. 8.

[51]      Takeovers Panel, Annual Report 2011–12, p. 20.

[52]      Takeovers Panel, Rewrite of GN 18: Public consultation response statement, 20 April 2012, http://www.takeovers.gov.au/content/DisplayDoc.aspx?doc=consultation\040.htm&pageID=&Year= (accessed 4 February 2012)

[53]      Takeovers Panel, Annual Report 2011–12, p. 20.

[54]      Takeovers Panel, Annual Report 2011–12, p. 19

[55]      Allan Bullman, Director, Takeovers Panel, 'CMI Limited – Federal Court Decision', Media Release TP12/81, 16 November 2012, http://www.takeovers.gov.au/content/DisplayDoc.aspx?doc=media_releases/2012/081.htm&pageID=&Year=2012 (accessed 9 January 2013).

[56]      Allan Bullman, Director, Takeovers Panel, 'Bentley Capital Limited 01R – Application for Judicial Review', Media Release TP12/27, 23 April 2012, http://www.takeovers.gov.au/content/DisplayDoc.aspx?doc=media_releases/2012/027.htm (accessed 9 January 2013).

[57]      Takeovers Panel, Annual Report 2011–12, p. 21.

[58]      Takeovers Panel, Annual Report 2011–12, p. 22.

[59]      Joint Committee on Corporations and Financial Services, Statutory Oversight of the Australian Securities and Investments Commission, May 2012, p. 5.

[60]      Takeovers Panel, Annual Report 2011–12, p. 29.

[61]      Robert Johanson, President of the sitting Panel, Takeovers Panel, 'Reasons for Decision: Ludowici Limited [2012] ATP 3, 9 March 2012, http://www.takeovers.gov.au/content/DisplayDoc.aspx?doc=reasons_for_decisions/2012/003.htm&pageID=&Year= (accessed 10 January 2013).

[62]      Robert Johanson, President of the sitting Panel, Takeovers Panel, 'Reasons for Decision: Ludowici Limited [2012] ATP 3, 9 March 2012, http://www.takeovers.gov.au/content/DisplayDoc.aspx?doc=reasons_for_decisions/2012/003.htm&pageID=&Year= (accessed 10 January 2013).

[63]      ASIC, 'ASIC to update and consolidate takeover guidance', Media Release 12-276MR, 14 November 2012, http://www.asic.gov.au/asic/asic.nsf/byheadline/12-276MR+ASIC+to+update+and+consolidate+takeover+guidance?openDocument (accessed 10 January 2013)

[64]      Joint Committee on Corporations and Financial Services, Statutory Oversight of the Australian Securities and Investments Commission, May 2012, p. 8.

Chapter 3 - 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: 2011-12, p. 13; AUASB, Annual report: 2011–12, p. 17.

[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 2010, 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: 2011–12, p. ix.

[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: 2011–12, 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: 2011–12, p. 55.

[25]      AUASB, Annual report: 2011–12, p. 18.

[26]      ASIC Act 2001, ss. 225(2).

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

[28]      FRC, Annual report: 2011–12, p. 35.

[29]      AASB, Annual report: 2011–12, p. 43; AUASB, Annual report: 2011–12, p. 40.

[30]      FRC, Annual report: 2011–12, p 1.

[31]      FRC, Annual report: 2011–12, p 4.

[32]      FRC, Annual report: 2011–12, pp 43 – 44.

[33]      FRC, Annual report: 2011–12, p. 3.

[34]      FRC, Annual report: 2011–12, p. 22.

[35]      FRC, Annual report: 2011–12, p. 45.

[36]      FRC, Annual report: 2011–12, p. 3.

[37]      FRC, Annual report: 2011–12, p. ix.

[38]      FRC, Annual report: 2011–12, p. 21.

[39]      Explanatory Memorandum, Corporations Legislation Amendment (Audit Enhancement) Bill 2012, p. 9

[40]      ASIC, Audit Inspection Program Report for 2011–12, December 2012,  p. 9.

[41]      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.

[42]      AUASB, Annual report: 2011–12, p. 55.

[43]      AUASB, Annual report: 2011–12, p. 11.

[44]      AUASB, Annual report: 2011–12, p. 4.

[45]      Treasury, Audit quality in Australia: A strategic review 2010, p. 52.

[46]      Treasury, Audit quality in Australia: A strategic review 2010, Key finding 20, p. 53.

[47]      AUASB, Annual report: 2011-12, p. 5.

[48]      Australians Securities and Investments Commission Act 2001, part 12, s. 236EA.

[49]      AUASB, Annual report: 2011-12, p. 34.

[50]      AUASB, Annual report: 2011-12, p. 39.

[51]      PJC on Corporations and Financial Services, Inquiry into the collapse of Trio Capital, May 2012, pp 98–99.

[52]      PJC on Corporations and Financial Services, Inquiry into the collapse of Trio Capital, May 2012, pp 130–131.

[53]      Mr Greg Medcraft, Chairman, ASIC, Committee Hansard, 3 December 2012, p. 12.

[54]      Treasury, Audit quality in Australia: A strategic review 2010, p. 23.

[55]      AASB, Annual report: 2011-12, p. 3.

[56]      AASB, Annual report: 2011-12, p. 19.

[57]      AASB, Annual report: 2011-12, p. 19.

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

[59]      AASB, Annual report: 2011–12, p. 5.

[60]      AASB, Annual report: 2011–12, p. 107.

[61]      AASB, Annual report: 2011–12, p. 36.

[62]      AASB, Annual report: 2011–12, p. 37.

[63]      AASB, Annual report: 2011–12, p. 42.