Audit Legislation Amendment Act 2006 (Qld)

Queensland Audit Legislation Amendment Act 2006 Act No. 9 of 2006

Queensland Audit Legislation Amendment Act 2006 Contents Part 1 1 Part 2 2 3 4 Part 3 5 6 7 8 Part 4 9 10 Part 5 11 12 Part 6 13 14 15 Page Preliminary Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Amendment of Associations Incorporation Act 1981 Act amended in pt 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Amendment of s 59 (Audit and statement) . . . . . . . . . . . . . . . . . . 6 Insertion of new pt 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Part 16 Transitional provisions 145 Transitional provision for Audit Legislation Amendment Act 2006. . . . . . . . . . . . . . . . . . . . . . . . . 7 Amendment of Building Units and Group Titles Act 1980 Act amended in pt 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Amendment of s 7 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . 8 Amendment of s 29B (Audit of accounts of body corporate) . . . . 8 Insertion of new pt 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Part 7 Additional transitional provisions 135 Transitional provision for Audit Legislation Amendment Act 2006. . . . . . . . . . . . . . . . . . . . . . . . . 8 Amendment of Charitable and Non-Profit Gaming Act 1999 Act amended in pt 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Amendment of s 85 (Definition for div 6) . . . . . . . . . . . . . . . . . . . 9 Amendment of Charitable Funds Act 1958 Act amended in pt 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Amendment of s 24 (Audit). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Amendment of CollectionsAct1966 Act amended in pt 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Amendment of s 31 (Financial statements and audit) . . . . . . . . . 10 Insertion of new pt 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Part 9 Transitional provisions

Part 7 16 17 Part 8 18 19 Part 9 20 21 Part 10 22 23 Part 11 24 25 Part 12 26 27 28 29 Part 13 30 31 32 33 34 2 Audit Legislation Amendment Act 2006 No. 9, 2006 48 Transitional provision for Audit Legislation Amendment Act 2006. . . . . . . . . . . . . . . . . . . . . . . . . Amendment of Currumbin Bird Sanctuary Act 1976 Act amended in pt 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of s 11 (Accounts to be kept) . . . . . . . . . . . . . . . . . . Amendment of Electricity Act 1994 Act amended in pt 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of s 20N (Content requirements for audited statement) .................................... Amendment of Funeral Benefit Business Act 1982 Act amended in pt 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of s 5 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of Gaming Machine Act 1991 Act amended in pt 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of schedule (Dictionary) . . . . . . . . . . . . . . . . . . . . . . Amendment of GasSupplyAct2003 Act amended in pt 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of s 227 (Content requirements for audited statement) .................................... Amendment of Land Act 1994 Act amended in pt 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of s 47 (Trustee’s accounting functions). . . . . . . . . . Amendment of s 49 (External audits) . . . . . . . . . . . . . . . . . . . . . . Insertion of new ch 9, pt 1C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Part 1C Transitional provision for Audit Legislation Amendment Act 2006 521D Persons appointed to perform certain audits before commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of MetropolitanWaterSupplyandSewerageAct1909 Act amended in pt 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of s 4 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . Amendment of s 108 (Appointment of auditors). . . . . . . . . . . . . . Amendment of s 114 (Special audit) . . . . . . . . . . . . . . . . . . . . . . Insertion of new pt 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Part 12 Transitional provisions 157 Transitional provision for Audit Legislation Amendment Act 2006. . . . . . . . . . . . . . . . . . . . . . . . . 11 12 12 13 13 13 13 14 14 15 15 15 15 16 16 16 17 17 18 18 18 18

Part 14 35 36 Part 15 37 38 39 Part 16 40 41 42 Part 17 43 44 Part 18 45 46 Part 19 47 48 49 50 Part 20 51 52 Part 21 53 Schedule 3 Audit Legislation Amendment Act 2006 No. 9, 2006 Amendment of Petroleum and Gas (Production and Safety)Act 2004 Act amended in pt 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of s 605 (Appointment and qualifications) . . . . . . . . Amendment of Property Agents and Motor Dealers Act 2000 Act amended in pt 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of s 391 (Definitions for pt 2) . . . . . . . . . . . . . . . . . . Insertion of new ch 19, pt 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Part 6 Transitional provision for Audit Legislation Amendment Act 2006 637 Continuing auditor may perform certain audits. . . . . . Amendment of Queensland Police Welfare Club Act 1970 Act amended in pt 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of s 2 (Meaning of terms) . . . . . . . . . . . . . . . . . . . . . Amendment of s 3 (Appointment of office-bearers and auditor of club) .......................................... Amendment of Retirement Villages Act 1999 Act amended in pt 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of s 113 (Annual financial statements) . . . . . . . . . . . Amendment of Security Providers Act 1993 Act amended in pt 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of s 3 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of SouthBankCorporationAct1989 Act amended in pt 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Replacement of pt 11, hdg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Insertion of new pt 11, div 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Division 2 Transitional provision for Audit Legislation Amendment Act 2006 124 Audit of body corporate’s accounts for certain financial years ........................ Amendment of sch 4 (Modified BuildingUnitsandGroupTitlesAct) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of WageringAct1998 Act amended in pt 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of schedule 2 (Dictionary) . . . . . . . . . . . . . . . . . . . . Amendment of other audit legislation Amendments—schedule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of other audit legislation . . . . . . . . . . . . . . . . . . . AboriginalLandAct1991 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 19 20 20 20 21 22 22 22 23 23 23 23 24 24 24 25 25 26 26 27 28 28

4 Audit Legislation Amendment Act 2006 No. 9, 2006 Aboriginal Land Regulation 1991 . . . . . . . . . . . . . . . . . . . . . . . . . Body Corporate and Community Management Act 1997. . . . . . . Body Corporate and Community Management (AccommodationModule) Regulation 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Body Corporate and Community Management (CommercialModule) Regulation 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BodyCorporateandCommunityManagement(SmallSchemesModule)Regulation1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BodyCorporateandCommunityManagement(StandardModule)Regulation1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FinancialAdministrationandAuditAct1977 . . . . . . . . . . . . . . . . FinancialAdministrationandAuditRegulation1995 . . . . . . . . . . TorresStraitIslanderLandAct1991 . . . . . . . . . . . . . . . . . . . . . . Torres Strait Islander Land Regulation 1991 . . . . . . . . . . . . . . . . 28 30 31 32 34 35 37 38 39 39

Queensland Audit Legislation Amendment Act 2006 Act No. 9 of 2006 An Act to make various amendments of Queensland legislation relating to qualifications of persons performing audits, and for other purposes [Assented to 15 March 2006]

s1 6 Audit Legislation Amendment Act 2006 The Parliament of Queensland enacts— s3 No. 9, 2006 Part 1 Preliminary 1 Short title This Act may be cited as the Audit Legislation Amendment Act 2006 . Part 2 Amendment of Associations Incorporation Act 1981 2 Act amended in pt 2 This part amends the Associations Incorporation Act 1981. 3 Amendment of s 59 (Audit and statement) (1) Section 59(1)(b)(ii) and (iii)— omit, insert— ‘(ii) a member of CPA Australia who is entitled to use the letters ‘CPA’ or ‘FCPA’; or (iii) a member of The Institute of Chartered Accountants in Australia who is entitled to use the letters ‘CA’ or ‘FCA’; or (iiia) a member of the National Institute of Accountants who is entitled to use the letters ‘MNIA’, ‘FNIA’, ‘PNA’ or ‘FPNA’; or’. (2) Section 59(1)(b), (iiia) and (iv)— renumber as section 59(1)(b)(iv) and (v).

s4 7 s5 Audit Legislation Amendment Act 2006 No. 9, 2006 4 Insertion of new pt 16 After section 144— insert— ‘Part 16 Transitional provisions ‘145 Transitional provision for Audit Legislation Amendment Act 2006 ‘(1) This section applies if— (a) before the commencement, an incorporated association appointed a person mentioned in pre-amended section 59(1)(b)(ii) or (iii) to audit the association’s financial affairs for the 2004-2005 financial year; and (b) the person has not performed the audit before the commencement. ‘(2) For the purpose of the person performing the audit, pre-amended section 59(1)(b)(ii) or (iii) continues to apply as if the Audit Legislation Amendment Act 2006 had not commenced. ‘(3) In this section— commencement means commencement of this section. pre-amended , in relation to section 59(1)(b)(ii) or (iii), means the provision as in force before the commencement.’. Part 3 Amendment of Building Units and Group Titles Act 1980 5 Act amended in pt 3 This part amends the BuildingUnitsandGroupTitlesAct1980.

s6 8 s8 Audit Legislation Amendment Act 2006 No. 9, 2006 6 Amendment of s 7 (Interpretation) Section 7(1), definition qualified auditor , paragraphs (b) and (c)— omit, insert— ‘(b) a member of CPA Australia who is entitled to use the letters ‘CPA’ or ‘FCPA’; or (c) a member of The Institute of Chartered Accountants in Australia who is entitled to use the letters ‘CA’ or ‘FCA’; or (d) a member of the National Institute of Accountants who is entitled to use the letters ‘MNIA’, ‘FNIA’, ‘PNA’ or ‘FPNA’.’. 7 Amendment of s 29B (Audit of accounts of body corporate) Section 29B(2)— omit, insert— ‘(2) The audit of the books and accounts of the body corporate must be performed by a qualified auditor.’. 8 Insertion of new pt 7 After section 134— insert— ‘Part 7 Additional transitional provisions ‘135 Transitional provision for Audit Legislation Amendment Act 2006 ‘(1) This section applies if, before the commencement, a body corporate appointed a person mentioned in pre-amended section 29B(2)(b) to carry out an audit of the books and accounts of the body corporate— (a) for the 2004-2005 financial year and the person has not carried out the audit; or

s 9 9 s 10 Audit Legislation Amendment Act 2006 No. 9, 2006 (b) for the 2005-2006 financial year. ‘(2) For the purpose of the person carrying out the audit, pre-amended section 29B(2)(b) continues to apply as if the Audit Legislation Amendment Act 2006 had not commenced. ‘(3) In this section— commencement means commencement of this section. pre-amended , in relation to section 29B(2)(b), means the provision as in force before the commencement.’. Part 4 Amendment of Charitable and Non-Profit Gaming Act 1999 9 Act amended in pt 4 This part amends the Charitable and Non-Profit Gaming Act1999. 10 Amendment of s 85 (Definition for div 6) (1) Section 85, definition accountant , paragraph (b)— omit, insert— ‘(b) a member of CPA Australia who holds a current public practice certificate issued by CPA Australia; or’. (2) Section 85, definition accountant , paragraph (d)— omit, insert— ‘(d) a member of the National Institute of Accountants who holds a current public practice certificate issued by the institute; or’.

s 11 10 s 14 Audit Legislation Amendment Act 2006 No. 9, 2006 Part 5 Amendment of Charitable Funds Act 1958 11 Act amended in pt 5 This part amends the Charitable Funds Act 1958. 12 Amendment of s 24 (Audit) (1) Section 24(2)(c)(ii) and (iii)— omit, insert— ‘(ii) a member of CPA Australia who is entitled to use the letters ‘CPA’ or ‘FCPA’; or (iii) a member of The Institute of Chartered Accountants in Australia who is entitled to use the letters ‘CA’ or ‘FCA’; or (iiia) a member of the National Institute of Accountants who is entitled to use the letters ‘MNIA’, ‘FNIA’, ‘PNA’ or ‘FPNA’; or’. (2) Section 24(2)(c), (iiia) and (iv)— renumber as section 24(2)(c)(iv) and (v). Part 6 Amendment of Collections Act 1966 13 Act amended in pt 6 This part amends the Collections Act 1966. 14 Amendment of s 31 (Financial statements and audit) (1) Section 31(1)(f)(ii) and (iii)— omit, insert—

s 15 11 s 15 Audit Legislation Amendment Act 2006 No. 9, 2006 ‘(ii) a member of CPA Australia who is entitled to use the letters ‘CPA’ or ‘FCPA’; or (iii) a member of The Institute of Chartered Accountants in Australia who is entitled to use the letters ‘CA’ or ‘FCA’; or (iiia) a member of the National Institute of Accountants who is entitled to use the letters ‘MNIA’, ‘FNIA’, ‘PNA’ or ‘FPNA’; or’. (2) Section 31(1)(f), (iiia) and (iv)— renumber as section 31(1)(f)(iv) and (v). (3) Section 31(2), ‘subsection (1)(f)(i) and (ii)’— omit, insert— ‘subsection (1)(f)(i) to (iv)’. 15 Insertion of new pt 9 After section 47— insert— ‘Part 9 Transitional provisions ‘48 Transitional provision for Audit Legislation Amendment Act 2006 ‘(1) This section applies if— (a) before the commencement— (i) a charity or association appointed a person mentioned in pre-amended section 31(1)(f)(ii) or (iii) to audit the accounts, moneys and property of the charity or association; or (ii) a promoter of an appeal for support appointed a person mentioned in pre-amended section 31(1)(f)(ii) or (iii) to audit the accounts, moneys and property raised by or resulting from the appeal for support; and

s 16 12 s 17 Audit Legislation Amendment Act 2006 No. 9, 2006 (b) the person has not performed the audit before the commencement. ‘(2) For the purpose of the person performing the audit, pre-amended section 31(1)(f)(ii) or (iii) continues to apply as if the Audit Legislation Amendment Act 2006 had not commenced. ‘(3) In this section— commencement means commencement of this section. pre-amended , in relation to section 31(1)(f)(ii) or (iii), means the provision as in force before the commencement.’. Part 7 Amendment of Currumbin Bird Sanctuary Act 1976 16 Act amended in pt 7 This part amends the Currumbin Bird Sanctuary Act 1976. 17 Amendment of s 11 (Accounts to be kept) (1) Section 11(3), ‘and forwarded pursuant to section 28 of the Act’— omit, insert— ‘under the Financial Administration and Audit Act 1977 ’. (2) Section 11(3)(b), from ‘or, as the case’ to ‘the Act’— omit, insert— ‘about’.

s 18 13 s 21 Audit Legislation Amendment Act 2006 No. 9, 2006 Part 8 Amendment of Electricity Act 1994 18 Act amended in pt 8 This part amends the Electricity Act 1994. 19 Amendment of s 20N (Content requirements for audited statement) (1) Section 20N(a), ‘the Australian Society of Certified Practising Accountants’— omit, insert— ‘CPA Australia’. (2) Section 20N(b)(ii)— omit, insert— ‘(ii) a member of, and holds a practising certificate from CPA Australia, The Institute of Chartered Accountants in Australia or the National Institute of Accountants; and’. Part 9 Amendment of Funeral Benefit Business Act 1982 20 Act amended in pt 9 This part amends the Funeral Benefit Business Act 1982. 21 Amendment of s 5 (Definitions) (1) Section 5, definition authorised accountant — insert— ‘(aa) a member of CPA Australia who is entitled to use the letters ‘CPA’ or ‘FCPA’; or

s 22 14 s 23 Audit Legislation Amendment Act 2006 No. 9, 2006 (ab) a member of The Institute of Chartered Accountants in Australia who is entitled to use the letters ‘CA’ or ‘FCA’; or (ac) a member of the National Institute of Accountants who is entitled to use the letters ‘MNIA’, ‘FNIA’, ‘PNA’ or ‘FPNA’; or’. (2) Section 5, definition authorised accountant , paragraphs (aa) to (b)— renumber as paragraphs (b) to (e). Part 10 Amendment of Gaming Machine Act 1991 22 Act amended in pt 10 This part amends the Gaming Machine Act 1991. 23 Amendment of schedule (Dictionary) Schedule, definition approved accountant , paragraphs (b) and (c)— omit, insert— ‘(b) a member of CPA Australia who holds a current public practice certificate issued by CPA Australia; or (c) a member of the National Institute of Accountants who holds a current public practice certificate issued by the institute; or’.

s 24 15 s 27 Audit Legislation Amendment Act 2006 No. 9, 2006 Part 11 Amendment of Gas Supply Act 2003 24 Act amended in pt 11 This part amends the Gas Supply Act 2003. 25 Amendment of s 227 (Content requirements for audited statement) (1) Section 227(a), from ‘the Australian’ to ‘; and’— omit, insert— ‘CPA Australia and The Institute of Chartered Accountants in Australia; and’. (2) Section 227(b)(ii)— omit, insert— ‘(ii) a member of, and holds a practising certificate from, CPA Australia, The Institute of Chartered Accountants in Australia or the National Institute of Accountants; and’. Part 12 Amendment of Land Act 1994 26 Act amended in pt 12 This part amends the Land Act 1994. 27 Amendment of s 47 (Trustee’s accounting functions) Section 47(1)(a) to (c)— omit, insert— ‘(a) member of CPA Australia who is entitled to use the letters ‘CPA’ or ‘FCPA’; or

s 28 16 s 29 Audit Legislation Amendment Act 2006 No. 9, 2006 (b) member of The Institute of Chartered Accountants in Australia who is entitled to use the letters ‘CA’ or ‘FCA’; or (c) member of the National Institute of Accountants who is entitled to use the letters ‘MNIA’, ‘FNIA’, ‘PNA’ or ‘FPNA’; or (d) person approved by the chief executive.’. 28 Amendment of s 49 (External audits) Section 49(a), after ‘auditor-general,’— insert— ‘a person mentioned in section 47(1)(a) to (d),’. 29 Insertion of new ch 9, pt 1C After section 521C— insert— ‘Part 1C Transitional provision for Audit Legislation Amendment Act 2006 ‘521D Persons appointed to perform certain audits before commencement ‘(1) This section applies if, before the commencement, the trustee of trust land appointed a person mentioned in pre-amended section 47(1)(a) or (b) to audit the trustee’s books of account— (a) for the 2004-2005 financial year and the person has not performed the audit; or (b) for the 2005-2006 financial year. ‘(2) For the purpose of the person performing the audit, pre-amended section 47(1)(a) or (b) continues to apply as if the Audit Legislation Amendment Act 2006 had not commenced.

s 30 17 s 31 Audit Legislation Amendment Act 2006 No. 9, 2006 ‘(3) In this section— commencement means commencement of this section. pre-amended , in relation to section 47(1)(a) or (b), means the provision as in force before the commencement.’. Part 13 Amendment of Metropolitan Water Supply and Sewerage Act 1909 30 Act amended in pt 13 This part amends the MetropolitanWaterSupplyandSewerage Act 1909. 31 Amendment of s 4 (Interpretation) Section 4— insert— ‘ audit office means the Queensland Audit Office established under the FinancialAdministrationandAuditAct1977 , section 47(2). qualified person , for appointment as an auditor under section 108(1) or a special auditor under section 114(1), means— (a) a member of CPA Australia who is entitled to use the letters ‘CPA’ or ‘FCPA’; or (b) a member of The Institute of Chartered Accountants in Australia who is entitled to use the letters ‘CA’ or ‘FCA’; or (c) a member of the National Institute of Accountants who is entitled to use the letters ‘MNIA’, ‘FNIA’, ‘PNA’ or ‘FPNA’; or (d) an officer of the audit office.’.

s 32 18 s 34 Audit Legislation Amendment Act 2006 No. 9, 2006 32 Amendment of s 108 (Appointment of auditors) Section 108(1), from ‘some person’ to ‘office,’— omit, insert— ‘a qualified person’. 33 Amendment of s 114 (Special audit) (1) Section 114(1), ‘a special auditor or special auditors’— omit, insert— ‘a qualified person as a special auditor’. (2) Section 114(2), ‘auditor or auditors’— omit, insert— ‘special auditor’. (3) Section 114(2), ‘under this Act’— omit, insert— ‘under section 108’. (4) Section 114(3), ‘or auditors’— omit. 34 Insertion of new pt 12 After section 156— insert— ‘Part 12 Transitional provisions ‘157 Transitional provision for Audit Legislation Amendment Act 2006 ‘(1) This section applies if— (a) before the commencement, the Minister appointed a person, under pre-amended section 114(1), to examine the accounts of the board for a period fixed by the Minister; and (b) the period has not ended.

s 35 19 s 36 Audit Legislation Amendment Act 2006 No. 9, 2006 ‘(2) Pre-amended section 114 continues to apply as if the Audit Legislation Amendment Act 2006 had not commenced. ‘(3) In this section— commencement means commencement of this section. pre-amended , in relation to section 114, means the section as in force before the commencement.’. Part 14 Amendment of Petroleum and Gas (Production and Safety) Act 2004 35 Act amended in pt 14 This part amends the PetroleumandGas(ProductionandSafety) Act 2004. 36 Amendment of s 605 (Appointment and qualifications) Section 605(2)— omit, insert— ‘(2) However, the chief executive may appoint a person as an approved auditor only if— (a) the person is— (i) a member of CPA Australia who is entitled to use the letters ‘CPA’ or ‘FCPA’; or (ii) a member of The Institute of Chartered Accountants in Australia who is entitled to use the letters ‘CA’ or ‘FCA’; or (iii) a member of the National Institute of Accountants who is entitled to use the letters ‘MNIA’, ‘FNIA’, ‘PNA’ or ‘FPNA’; or (b) the chief executive is satisfied the person is qualified for appointment because the person has the necessary

s 37 20 s 39 Audit Legislation Amendment Act 2006 No. 9, 2006 expertise or experience to carry out an audit under this division.’. Part 15 Amendment of Property Agents and Motor Dealers Act 2000 37 Act amended in pt 15 This part amends the Property Agents and Motor Dealers Act2000. 38 Amendment of s 391 (Definitions for pt 2) Section 391, definition qualified auditor , paragraphs (b) and (c)— omit, insert— ‘(b) a member of CPA Australia who is entitled to use the letters ‘CPA’ or ‘FCPA’; or (c) a member of The Institute of Chartered Accountants in Australia who is entitled to use the letters ‘CA’ or ‘FCA’; or (d) a member of the National Institute of Accountants who is entitled to use the letters ‘MNIA’, ‘FNIA’, ‘PNA’ or ‘FPNA’.’. 39 Insertion of new ch 19, pt 6 Chapter 19, after pt 5— insert—

s 39 21 s 39 Audit Legislation Amendment Act 2006 No. 9, 2006 ‘Part 6 Transitional provision for Audit Legislation Amendment Act 2006 ‘637 Continuing auditor may perform certain audits ‘(1) This section applies if— (a) before the commencement, a principal licensee appointed a continuing auditor to audit the licensee’s trust accounts for an audit period mentioned in chapter 12, part 2, division 3; and (b) either of the following apply— (i) the audit period has ended before the commencement and the continuing auditor has not performed the audit; (ii) the audit period ends on, or within 12 months after, the commencement. ‘(2) For the purpose of the continuing auditor performing the audit, the pre-amended provision continues to apply as if the Audit Legislation Amendment Act 2006 had not commenced. ‘(3) In this section— commencement means commencement of this section. continuing auditor means a person mentioned in the pre-amended provision. pre-amended provision means section 391, definition qualified auditor , paragraph (b) or (c), as in force before the commencement.’.

s 40 22 s 42 Audit Legislation Amendment Act 2006 No. 9, 2006 Part 16 Amendment of Queensland Police Welfare Club Act 1970 40 Act amended in pt 16 This part amends the QueenslandPoliceWelfareClubAct1970. 41 Amendment of s 2 (Meaning of terms) (1) Section 2, heading— omit, insert— ‘2 Definitions’. (2) Section 2— insert— ‘ qualified person means— (a) a member of CPA Australia who is entitled to use the letters ‘CPA’ or ‘FCPA’; or (b) a member of The Institute of Chartered Accountants in Australia who is entitled to use the letters ‘CA’ or ‘FCA’; or (c) a member of the National Institute of Accountants who is entitled to use the letters ‘MNIA’, ‘FNIA’, ‘PNA’ or ‘FPNA’.’. 42 Amendment of s 3 (Appointment of office-bearers and auditor of club) Section 3(2), from ‘person’ to ‘audit’— omit, insert— ‘qualified person’.

s 43 23 s 46 Audit Legislation Amendment Act 2006 No. 9, 2006 Part 17 Amendment of Retirement Villages Act 1999 43 Act amended in pt 17 This part amends the Retirement Villages Act 1999. 44 Amendment of s 113 (Annual financial statements) Section 113(2), from ‘either’ to ‘auditor.’— omit, insert— ‘any of the following— ‘(a) a member of CPA Australia who holds a current public practice certificate issued by CPA Australia; (b) a member of The Institute of Chartered Accountants in Australia who holds a current public practice certificate issued by the Institute; (c) a member of the National Institute of Accountants who holds a current public practice certificate issued by the Institute; (d) a registered company auditor.’. Part 18 Amendment of Security Providers Act 1993 45 Act amended in pt 18 This part amends the Security Providers Act 1993. 46 Amendment of s 3 (Definitions) Section 3, definition accountant , paragraphs (b) and (c)— omit, insert—

s 47 24 s 49 Audit Legislation Amendment Act 2006 No. 9, 2006 ‘(b) a member of CPA Australia who is entitled to use the letters ‘CPA’ or ‘FCPA’; or (c) a member of The Institute of Chartered Accountants in Australia who is entitled to use the letters ‘CA’ or ‘FCA’; or (d) a member of the National Institute of Accountants who is entitled to use the letters ‘MNIA’, ‘FNIA’, ‘PNA’ or ‘FPNA’.’. Part 19 Amendment of South Bank Corporation Act 1989 47 Act amended in pt 19 This part amends the South Bank Corporation Act 1989. 48 Replacement of pt 11, hdg Part 11, heading— omit, insert— ‘Part 11 Transitional provisions ‘Division 1 Transitional provisions for SouthBank Corporation and Other ActsAmendment Act 2003’. 49 Insertion of new pt 11, div 2 After section 123— insert—

s 50 25 s 50 Audit Legislation Amendment Act 2006 No. 9, 2006 ‘Division 2 Transitional provision for Audit Legislation Amendment Act 2006 ‘124 Audit of body corporate’s accounts for certain financial years ‘(1) This section applies if, before the commencement, a body corporate appointed a person mentioned in pre-amended schedule 4, section 29B(2)(b) to carry out an audit of the books and accounts of the body corporate— (a) for the 2004-2005 financial year and the person has not carried out the audit; or (b) for the 2005-2006 financial year. ‘(2) For the purpose of the person carrying out the audit, pre-amended schedule 4, section 29B(2)(b) continues to apply as if the Audit Legislation Amendment Act 2006 had not commenced. ‘(3) In this section— commencement means commencement of this section. pre-amended , in relation to schedule 4, section 29B(2)(b), means the provision as in force before the commencement.’. 50 Amendment of sch 4 (Modified Building Units and GroupTitles Act) (1) Schedule 4, section 7(1)— insert— ‘ qualified auditor means— (a) a person registered as an auditor under the Corporations Act; or (b) a member of CPA Australia who is entitled to use the letters ‘CPA’ or ‘FCPA’; or (c) a member of The Institute of Chartered Accountants in Australia who is entitled to use the letters ‘CA’ or ‘FCA’; or

s 51 26 s 52 Audit Legislation Amendment Act 2006 No. 9, 2006 (d) a member of the National Institute of Accountants who is entitled to use the letters ‘MNIA’, ‘FNIA’, ‘PNA’ or ‘FPNA’.’. (2) Schedule 4, section 29(2)(h)— omit, insert— ‘(h) to decide whether to appoint a person to audit the books and accounts of the body corporate;’. (3) Schedule 4, section 29B(2)— omit, insert — ‘(2) The audit of the books and accounts of the body corporate must be performed only by a qualified auditor.’. (4) Schedule 4, section 94B, from ‘person registered’ to ‘who’— omit, insert— ‘qualified auditor who’. (5) Schedule 4, schedule 2, part 2, section 1(5)(ba), from ‘person’ to ‘to audit’— omit, insert— ‘qualified auditor to audit’. Part 20 Amendment of Wagering Act 1998 51 Act amended in pt 20 This part amends the Wagering Act 1998. 52 Amendment of schedule 2 (Dictionary) (1) Schedule 2, definition approved accountant , paragraph (b)— omit, insert— ‘(b) a member of CPA Australia who holds a current public practice certificate issued by CPA Australia; or

s 53 27 s 53 Audit Legislation Amendment Act 2006 No. 9, 2006 (ba) a member of the National Institute of Accountants who holds a current public practice certificate issued by the institute; or’. (2) Schedule 2, definition approved accountant , paragraph (c), ‘paragraph (a) or (b)’— omit, insert— ‘paragraph (a), (b) or (c)’. (3) Schedule 2, definition approved accountant , paragraphs (ba) and (c)— renumber as paragraphs (c) and (d). Part 21 Amendment of other audit legislation 53 Amendments—schedule The schedule amends the Acts and regulations mentioned in it.

28 Audit Legislation Amendment Act 2006 No. 9, 2006 Schedule Amendment of other audit legislation section 53 Aboriginal Land Act 1991 1 After section 139— insert — ‘Part 11 Transitional provision for Audit Legislation Amendment Act 2006 ‘140 Further amendment, or repeal, of Aboriginal LandRegulation 1991 ‘The amendment of the Aboriginal Land Regulation 1991 by the Audit Legislation Amendment Act 2006 does not affect the power of the Governor in Council to further amend that regulation or to repeal it.’. Aboriginal Land Regulation 1991 1 Section 35C(1)(a) and (b)— omit, insert — ‘(a) a member of CPA Australia who is entitled to use the letters ‘CPA’ or ‘FCPA’; or (b) a member of The Institute of Chartered Accountants in Australia who is entitled to use the letters ‘CA’ or ‘FCA’; or

29 Audit Legislation Amendment Act 2006 No. 9, 2006 Schedule (continued) (ba) a member of the National Institute of Accountants who is entitled to use the letters ‘MNIA’, ‘FNIA’, ‘PNA’ or ‘FPNA’; or’. 2 Section 35C(1)(ba) and (c)— renumber as section 35C(1)(c) and (d). 3 Part 9, heading— omit, insert — ‘Part 9 Transitional provisions ‘Division 1 Transitional provisions for NaturalResources Legislation AmendmentRegulation (No. 2) 1998’. 4 After section 64— insert — ‘Division 2 Transitional provision for Audit Legislation Amendment Act 2006 ‘65 Persons appointed to perform certain audits before commencement ‘(1) This section applies if, before the commencement, a land trust appointed a person mentioned in pre-amended section 35C(1)(a) or (b) to audit the land trust’s accounts— (a) for the 2004-2005 financial year and the person has not performed the audit; or (b) for the 2005-2006 financial year. ‘(2) For the purpose of the person performing the audit, pre-amended section 35C(1)(a) or (b) continues to apply as if

30 Audit Legislation Amendment Act 2006 No. 9, 2006 Schedule (continued) the Audit Legislation Amendment Act 2006 had not commenced. ‘(3) In this section— commencement means commencement of this section. pre-amended , in relation to section 35C(1)(a) or (b), means the provision as in force before the commencement.’. Body Corporate and Community Management Act 1997 1 Chapter 8— insert — ‘Part 5 Transitional provision for Audit Legislation Amendment Act 2006 ‘356 Further amendment, or repeal, of certain regulations ‘The amendment of the following regulations by the Audit Legislation Amendment Act 2006 does not affect the power of the Governor in Council to further amend the regulations or to repeal them— (a) BodyCorporateandCommunityManagement(Accommodation Module) Regulation 1997 ; (b) BodyCorporateandCommunityManagement(Commercial Module) Regulation 1997 ; (c) BodyCorporateandCommunityManagement(SmallSchemes Module) Regulation 1997 ; (d) BodyCorporateandCommunityManagement(Standard Module) Regulation 1997 .’.

31 Audit Legislation Amendment Act 2006 No. 9, 2006 Schedule (continued) Body Corporate and Community Management (Accommodation Module) Regulation 1997 1 Section 106— omit, insert — ‘106 Auditing qualifications and experience—Act, sch 6 [SM, s 107] ‘(1) For schedule 6 of the Act, definition auditor , paragraph (a)(ii), the qualifications and experience in accountancy that are approved for a person are stated in subsection (2). ‘(2) The person must— (a) be a member of— (i) CPA Australia and entitled to use the letters ‘CPA’ or ‘FCPA’; or (ii) The Institute of Chartered Accountants in Australia and entitled to use the letters ‘CA’ or ‘FCA’; or (iii) the National Institute of Accountants and entitled to use the letters ‘MNIA’, ‘FNIA’, ‘PNA’ or ‘FPNA’; and (b) have a total of 2 years auditing experience, whether or not continuous.’. 2 Part 11 heading— omit, insert — ‘Part 11 Transitional provisions for Body Corporate andCommunity ManagementLegislation AmendmentRegulation (No. 1) 2003’.

32 Audit Legislation Amendment Act 2006 No. 9, 2006 Schedule (continued) 3 After section 161— insert — ‘Part 12 Other transitional provisions ‘162 Transitional provision for Audit Legislation Amendment Act 2006 ‘(1) This section applies if— (a) before the commencement, a body corporate appointed a person with qualifications and experience in accountancy mentioned in pre-amended section 106, to audit its statement of accounts for a financial year; and (b) either of the following apply— (i) the financial year has ended before the commencement and the person has not performed the audit; (ii) the financial year ends on, or within 12 months after, the commencement. ‘(2) For the purpose of the person performing the audit, pre-amended section 106 continues to apply as if the Audit Legislation Amendment Act 2006 had not commenced. ‘(3) In this section— commencement means commencement of this section. pre-amended , in relation to section 106, means the section as in force before the commencement.’. Body Corporate and Community Management (Commercial Module) Regulation 1997 1 Section 87— omit, insert—

33 Audit Legislation Amendment Act 2006 No. 9, 2006 Schedule (continued) ‘87 Auditing qualifications and experience—Act, sch 6 [SM, s 107] ‘(1) For schedule 6 of the Act, definition auditor , paragraph (a)(ii), the qualifications and experience in accountancy that are approved for a person are stated in subsection (2). ‘(2) The person must— (a) be a member of— (i) CPA Australia and entitled to use the letters ‘CPA’ or ‘FCPA’; or (ii) The Institute of Chartered Accountants in Australia and entitled to use the letters ‘CA’ or ‘FCA’; or (iii) the National Institute of Accountants and entitled to use the letters ‘MNIA’, ‘FNIA’, ‘PNA’ or ‘FPNA’; and (b) have a total of 2 years auditing experience, whether or not continuous.’. 2 After section 134— insert — ‘Part 11 Transitional provisions ‘135 Transitional provision for Audit Legislation Amendment Act 2006 ‘(1) This section applies if— (a) before the commencement, a body corporate appointed a person with qualifications and experience in accountancy mentioned in pre-amended section 87, to audit its statement of accounts for a financial year; and (b) either of the following apply— (i) the financial year has ended before the commencement and the person has not performed the audit;

34 Audit Legislation Amendment Act 2006 No. 9, 2006 Schedule (continued) (ii) the financial year ends on, or within 12 months after, the commencement. ‘(2) For the purpose of the person performing the audit, pre-amended section 87 continues to apply as if the Audit Legislation Amendment Act 2006 had not commenced. ‘(3) In this section— commencement means commencement of this section. pre-amended , in relation to section 87, means the section as in force before the commencement.’. Body Corporate and Community Management (Small Schemes Module) Regulation 1997 1 Section 68— omit, insert— ‘68 Auditing qualifications and experience—Act, sch 6 [SM, s 107] ‘(1) For schedule 6 of the Act, definition auditor , paragraph (a)(ii), the qualifications and experience in accountancy that are approved for a person are stated in subsection (2). ‘(2) The person must be a member of— (a) CPA Australia and entitled to use the letters ‘CPA’ or ‘FCPA’; or (b) The Institute of Chartered Accountants in Australia and entitled to use the letters ‘CA’ or ‘FCA’; or (c) the National Institute of Accountants and entitled to use the letters ‘MNIA’, ‘FNIA’, ‘PNA’ or ‘FPNA’.’. 2 After part 10— insert —

35 Audit Legislation Amendment Act 2006 No. 9, 2006 ‘Part 11 Schedule (continued) Transitional provisions ‘114 Transitional provision for Audit Legislation Amendment Act 2006 ‘(1) This section applies if— (a) before the commencement, a body corporate appointed a person with qualifications and experience in accountancy considered appropriate by the body corporate under pre-amended section 68, to audit its statement of accounts for a financial year; and (b) either of the following apply— (i) the financial year has ended before the commencement and the person has not performed the audit; (ii) the financial year ends on, or within 12 months after, the commencement. ‘(2) For the purpose of the person performing the audit, pre-amended section 68 continues to apply as if the Audit Legislation Amendment Act 2006 had not commenced. ‘(3) In this section— commencement means commencement of this section. pre-amended , in relation to section 68, means the section as in force before the commencement.’. Body Corporate and Community Management (Standard Module) Regulation 1997 1 Section 107— omit, insert —

36 Audit Legislation Amendment Act 2006 No. 9, 2006 Schedule (continued) ‘107 Auditing qualifications and experience—Act, sch 6 ‘(1) For schedule 6 of the Act, definition auditor , paragraph (a)(ii), the qualifications and experience in accountancy that are approved for a person are stated in subsection (2). ‘(2) The person must— (a) be a member of— (i) CPA Australia and entitled to use the letters ‘CPA’ or ‘FCPA’; or (ii) The Institute of Chartered Accountants in Australia and entitled to use the letters ‘CA’ or ‘FCA’; or (iii) the National Institute of Accountants and entitled to use the letters ‘MNIA’, ‘FNIA’, ‘PNA’ or ‘FPNA’; and (b) have a total of 2 years auditing experience, whether or not continuous.’. 2 Part 11 heading— omit, insert — ‘Part 11 Transitional provisions for Body Corporate andCommunity ManagementLegislation AmendmentRegulation (No. 1) 2003’. 3 After section 162— insert — ‘Part 12 Other transitional provisions ‘163 Transitional provision for Audit Legislation Amendment Act 2006 ‘(1) This section applies if—

37 Audit Legislation Amendment Act 2006 No. 9, 2006 Schedule (continued) (a) before the commencement, a body corporate appointed a person with qualifications and experience in accountancy mentioned in pre-amended section 107, to audit its statement of accounts for a financial year; and (b) either of the following apply— (i) the financial year has ended before the commencement and the person has not performed the audit; (ii) the financial year ends on, or within 12 months after, the commencement. ‘(2) For the purpose of the person performing the audit, pre-amended section 107 continues to apply as if the Audit Legislation Amendment Act 2006 had not commenced. ‘(3) In this section— commencement means commencement of this section. pre-amended , in relation to section 107, means the section as in force before the commencement.’. Financial Administration and Audit Act 1977 1 Part 8— insert — ‘Division 5 Transitional provision for Audit Legislation Amendment Act 2006 ‘142 Further amendment, or repeal, of FinancialAdministration and Audit Regulation 1995 ‘The amendment of the FinancialAdministrationandAuditRegulation1995 by the Audit Legislation Amendment Act 2006 does not affect the power of the Governor in Council to further amend that regulation or to repeal it.’.

38 Audit Legislation Amendment Act 2006 No. 9, 2006 Schedule (continued) Financial Administration and Audit Regulation 1995 1 Section 3(2)(b)(i) and (ii)— omit, insert — ‘(i) a member of CPA Australia who is entitled to use the letters ‘CPA’ or ‘FCPA’; or (ii) a member of The Institute of Chartered Accountants in Australia who is entitled to use the letters ‘CA’ or ‘FCA’; or (iia) a member of the National Institute of Accountants who is entitled to use the letters ‘MNIA’, ‘FNIA’, ‘PNA’ or ‘FPNA’; or’. 2 Section 3(2)(b)(iia) to (iv)— renumber as section 3(2)(b)(iii) to (v). 3 After section 4— insert — ‘5 Transitional provision for Audit Legislation Amendment Act 2006 ‘(1) This section applies if— (a) before the commencement, a parents and citizens association appointed a person mentioned in pre-amended section 3(2)(b)(i) or (ii) to audit the association for a financial year; and (b) either of the following apply— (i) the financial year has ended before the commencement and the person has not performed the audit; (ii) the financial year ends on, or within 12 months after, the commencement.

39 Audit Legislation Amendment Act 2006 No. 9, 2006 Schedule (continued) ‘(2) For the purpose of the person performing the audit, pre-amended section 3(2)(b)(i) or (ii) continues to apply as if the Audit Legislation Amendment Act 2006 had not commenced. ‘(3) In this section— commencement means commencement of this section. pre-amended , in relation to section 3(2)(b)(i) or (ii), means the provision as in force before the commencement.’. Torres Strait Islander Land Act 1991 1 After section 135— insert — ‘Part 10 Transitional provision for Audit Legislation Amendment Act 2006 ‘136 Further amendment, or repeal, of Torres Strait IslanderLand Regulation 1991 ‘The amendment of the TorresStraitIslanderLandRegulation1991 by the Audit Legislation Amendment Act 2006 does not affect the power of the Governor in Council to further amend that regulation or to repeal it.’. Torres Strait Islander Land Regulation 1991 1 Section 35C(1)(a) and (b)— omit, insert —

40 Audit Legislation Amendment Act 2006 No. 9, 2006 Schedule (continued) ‘(a) a member of CPA Australia who is entitled to use the letters ‘CPA’ or ‘FCPA’; or (b) a member of The Institute of Chartered Accountants in Australia who is entitled to use the letters ‘CA’ or ‘FCA’; or (ba) a member of the National Institute of Accountants who is entitled to use the letters ‘MNIA’, ‘FNIA’, ‘PNA’ or ‘FPNA’; or’. 2 Section 35C(1)(ba) and (c)— renumber as section 35C(1)(c) and (d). 3 Part 9, heading— omit, insert — ‘Part 9 Transitional provisions ‘Division 1 Transitional provisions for NaturalResources Legislation AmendmentRegulation (No. 2) 1998’. 4 After section 59— insert — ‘Division 2 Transitional provision for Audit Legislation Amendment Act 2006 ‘60 Persons appointed to perform certain audits before commencement ‘(1) This section applies if, before the commencement, a land trust appointed a person mentioned in pre-amended section 35C(1)(a) or (b) to audit the land trust’s accounts—

41 Audit Legislation Amendment Act 2006 No. 9, 2006 Schedule (continued) (a) for the 2004-2005 financial year and the person has not performed the audit; or (b) for the 2005-2006 financial year. ‘(2) For the purpose of the person performing the audit, pre-amended section 35C(1)(a) or (b) continues to apply as if the Audit Legislation Amendment Act 2006 had not commenced. ‘(3) In this section— commencement means commencement of this section. pre-amended , in relation to section 35C(1)(a) or (b), means the provision as in force before the commencement.’. © State of Queensland 2006