Audit Reform and Corporate Disclosure legislation

The Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 came into force on 1 July 2004. More commonly known as ‘CLERP 9’, its final passage into law in time for the new financial year is designed to restore confidence in the market after a number of high profile corporate collapses both in Australia and overseas.

CLERP 9 is a substantial piece of legislation that includes reforms relating to:

disclosure of directors’ remuneration

financial reporting

auditors independence

continuous disclosure, and

enhanced penalty provisions.

See full description.