Corporations (Aboriginal and Torres Strait Islander) Determination 1/2014

Administered by Department of the Prime Minister and Cabinet

Legislation au C2014G01612 In force Gazette

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Corporations (Aboriginal and Torres Strait Islander)

Determination 1 / 2014

made under the

Corporations (Aboriginal and Torres Strait Islander) Act 2006

Enabling legislation

1. I, Anthony Beven, Registrar of Aboriginal and Torres Strait Islander Corporations, make the following determination under section 353-10(1) of the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (the CATSI Act).

Title

2. This determination is the Corporations (Aboriginal and Torres Strait Islander) Determination 1 / 2014.

Commencement

3. This determination commences on the later of:

(a) the date it is registered under the Legislative Instruments Act 2003; and

(b) the date of its gazettal.

Note: An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, s 4 (definition of register). The FRLI may be accessed at http://www.frli.gov.au/.

Determination

4. The specified class is exempt from the provisions of Part 7‑3 of the CATSI Act and Part 7‑3 of the Corporations (Aboriginal and Torres Strait Islander) Regulations 2007 (the CATSI Regulations) to the extent that:

(a) apart from this determination, a member of the specified class would not comply with one or more provisions; and

(b) the non-compliance would result merely from any or all of the following:

(i) a person being an affected auditor rather than a registered company auditor;

(ii) an act, matter or thing being done by an affected auditor rather than a registered company auditor;

(iii) an audit firm being an affected audit firm rather than an audit firm that has at least 1 member who is a registered company auditor who is ordinarily resident in Australia;

(iv) an act, matter or thing being done by an affected audit firm rather than an audit firm that has at least 1 member who is a registered company auditor who is ordinarily resident in Australia;

(v) a company being an affected audit company rather than an authorised audit company;

(vi) an act, matter or thing being done by an affected audit company rather than an authorised audit company.

Interpretation

5. In this determination:

specified class means each of the following:

(a) the class of corporations registered under the CATSI Act and reporting under subdivision 333‑A of the CATSI Regulations and obtaining an auditor’s report under paragraph 333-15.01(2)(a), (b) or (c) of the Regulations from an affected auditor, affected audit firm or affected audit company;

(b) the class of corporations registered under the CATSI Act and reporting under subregulation 333-16.02(2) of the CATSI Regulations and obtaining an auditor’s report under paragraph 333-16.02(3)(a) of the Regulations from an affected auditor, affected audit firm or affected audit company;

6. A person is an affected auditor for the purposes of this determination if:

(a) the person is a person whom the Australian Securities and Investments Commission (ASIC) purported to register as an auditor under subsection 1280(2) of the Corporations Act 2001 (the Corporations Act); and

(b) at the time of the person’s purported registration:

(i) ASIC was satisfied that the person satisfied all the components of the auditing competency standard:

(A) issued by CPA Australia and The Institute of Chartered Accountants in Australia; and

(B) approved by ASIC under section 1280A of the Corporations Act in November 2004; and

(ii) ASIC was not satisfied that the person had such practical experience in auditing as was prescribed for the purposes of subparagraph 1280(2)(b)(ii) of the Corporations Act; and

(c) the purported registration did not have the effect of making the person a registered company auditor merely because the instrument approving the competency standard under subsection 1280A(1) of the Corporations Act ceased to be enforceable or was taken to be repealed by subsection 32(2) of the Legislative Instruments Act 2003; and

(d) the purported registration is not purportedly suspended or cancelled.

7. An audit firm is an affected audit firm for the purposes of this determination if:

(a) the audit firm has one or more members whom ASIC purported to register as auditors under subsection 1280(2) of the Corporations Act; and

(b) the firm is not an audit firm that has at least 1 member who is a registered company auditor who is ordinarily resident in Australia merely because each member of the firm mentioned in paragraph (a) is an affected auditor.

8. A company is an affected audit company for the purposes of this determination if:

(a) the company is a company that ASIC has purported to register as an authorised audit company under section 1299C of the Corporations Act; and

(b) the company is not an authorised audit company merely because of either or both of the following at the time of its purported registration:

(i) at least 1 of its directors was an affected auditor;

(ii) paragraph 1299B(c) of the Corporations Act was not satisfied; and

(c) at the time of its purported registration, a majority of the votes that might be cast at a general meeting of the company attached to shares in the company that were held and beneficially owned by individuals who were each a registered company auditor or an affected auditor; and

(d) the purported registration is not purportedly suspended or cancelled.

Dated this 25th day of September 2014

A Beven

Signed by Anthony Beven
Registrar of Aboriginal and Torres Strait Islander Corporations

Overview

The Corporations (Aboriginal and Torres Strait Islander) Determination 1 / 2014 was made under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 by Anthony Beven, the Registrar of Aboriginal and Torres Strait Islander Corporations, and it addresses the issue of ensuring that certain corporations, auditors, audit firms, and audit companies comply with the relevant provisions of the CATSI Act and the CATSI Regulations, despite having auditors who are not registered company auditors under the Corporations Act 2001. This determination aims to provide relief to corporations that would otherwise be in non-compliance due to the status of their auditors, audit firms, or audit companies, thereby facilitating smoother operation within the regulatory framework. The determination exempts specified classes from certain compliance requirements, allowing them to continue functioning without the penalties associated with non-compliance.

Scope and Application

The Corporations (Aboriginal and Torres Strait Islander) Determination 1/2014 applies to a specified class of Aboriginal and Torres Strait Islander corporations, their directors, and associated audit entities. These corporations are registered under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 and report under specific sections of the associated regulations. The determination exempts this specified class from certain compliance requirements in Part 7-3 of the CATSI Act and the CATSI Regulations, particularly in circumstances where non-compliance arises from the involvement of an affected auditor, affected audit firm, or affected audit company. This exemption applies when the non-compliance results from factors such as the auditor not being a registered company auditor or the audit firm not having a member who is a registered company auditor ordinarily resident in Australia. The geographic reach of this determination is federal, applying across Australia as it is made under the Commonwealth legislation. The determination does not introduce any new exclusions, exemptions, or thresholds beyond those already specified in the CATSI Act and CATSI Regulations, but it does clarify the conditions under which the specified class of corporations and their associated audit entities can be exempt from certain compliance provisions.

Key Provisions

The Corporations (Aboriginal and Torres Strait Islander) Determination 1 / 2014, made under the Corporations (Aboriginal and Torres Strait Islander) Act 2006, outlines specific exemptions from certain provisions for a defined class of Aboriginal and Torres Strait Islander corporations. Section 4 of the Determination exempts this class from compliance with Parts 7-3 of the CATSI Act and the corresponding regulations, provided that their non-compliance arises from circumstances related to affected auditors, audit firms, or audit companies, as defined in the text. This exemption applies to corporations registered under the CATSI Act and their directors, who may otherwise struggle to comply with the specified provisions due to the unique status of their auditors or audit firms. The obligations imposed by the Determination on the specified class of corporations and their directors primarily involve ensuring that the exemptions are properly applied and that any auditor’s reports are obtained from entities that fall within the exemptions outlined. Corporations in this class must verify that their auditors, audit firms, and audit companies meet the criteria for being considered “affected” as defined by the Determination, thus ensuring they are eligible for the exemptions. Furthermore, these corporations are required to maintain records demonstrating compliance with these exemptions and to provide such records to relevant authorities, such as the Australian Securities and Investments Commission (ASIC), upon request. The Determination does not explicitly outline specific offences, penalties, or consequences for breach within its text. However, breaches of the broader Corporations Act 2001 or the CATSI Act, from which this Determination derives, could lead to civil or criminal penalties. For instance, under the Corporations Act, corporations and their officers may face fines and imprisonment for non-compliance with auditing standards and requirements, with penalties varying based on the severity and intent of the breach. It is crucial for the specified class to remain vigilant and ensure full compliance with the Determination to avoid potential repercussions under the overarching legislative framework.

Area of Law: Corporate Law & Governance
Instrument: Regulation
Concepts: Definitions & Interpretation; Regulatory Standards; Exemptions & Exclusions

Interactions

Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.

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