COMPANY AND SECURITY LAW

Discuss the issue of auditor independence in the context of Corporations Act in the form of a Report.
This will require reading the following Case, Reports, Bills, First Reading Speeches, Explanatory Memoranda, Acts in order to gain an understanding of the issue of auditor independence in the context of Corporations Act.

Report
I. Introduction(150words)
Part 1
II. Auditor Negligence (prior to HIH): Summarise the case of AWA Ltd v Daniels (1992) 7 ACSR 759 only in so far as it relates to auditor negligence. (300 words)
III. State of regulation of auditors and the understanding of auditor independence prior to HIH collapse: Summarise from Review of Requirements for the Registration and Regulation of Company Auditors, Report of a Working Party of the Ministerial Council for Corporations (1997). (300 words)
Part 2
IV. The role of auditors in the HIH Collapse and other business collapses: Summarise from the following (300 words):
INDEPENDENCE OF AUSTRALIAN COMPANY AUDITORS, Review of Current Australian Requirements and Proposals for Reform (The Ramsay Report) (2001)
CLERP Paper No. 9_Proposals for Reform – Corporate Disclosure
Gregor Allan, "The HIH Collapse-A Costly Catalyst for Reform" (2006) 11 Deakin L Rev 137 Larelle Chapple and Boyce Koh, "Regulatory responses to auditor independence dilemmas – who takes the stronger line?" (2007) 21 Australian Journal of Corporate Law 1
V. The Regulatory/legislative response: Summarise the provisions that were enacted as amendments to the Corporations Act and the rationale (600 words):
Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Bill 2003 First Reading Speech
Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Bill 2003 Explanatory Memorandum
Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Bill 2003 Supplementary EM
note: you can also make use of material from Part IV
VI. Review of the Regulatory/legislative response: Summarise the provisions that were enacted as further amendments to the Corporations Act and the rationale (300 words):
Corporations Legislation Amendment (Audit Enhancement) Act 2012
Corporations Legislation Amendment (Audit Enhancement) Bill 2012 First Reading Corporations Legislation Amendment (Audit Enhancement) Bill 2012 Explanatory Memorandum note: you can also make use of material from Part IV and also this Report: The Treasury, Australian Auditor Independence Requirements – A Comparative Review (2006)
VII. Conclusion (150 words)
VIII. Reflectionsontheissueofauditors’liability/negligenceandauditorindependenceandthe
regulatory/legislative response based on your research and reading (150 words).
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