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Accounting Infrastructure Reform Bill

Aims at a more competitive and efficient accounting market by: changing the rules to allow more people to do statutory audits; replacing legislative references to chartered accountants to qualified statutory accountants; reducing restrictions on audit firms; requiring independent assurance of financial statements for medium and large charities; and allowing the Institute of Chartered Accountants more freedom in how to structure itself (including the formation of an Australasian accountants body). Shortly after the bill’s referral to select committee, Minister Foss asked the committee to look at weaknesses in the proposals which may allow sub-standard bodies or individuals to be registered and a lack of checks on those registered maintaining standards. Introduced Dec 2, 2013. Completed first reading by 106 to 15 with Greens and Mana opposed on Jan 28, sent to the Commerce Committee for consideration. The bill was reported back from select committee on May 20 implementing many of the recommendations of the Institute. Second reading debate was interrupted when the House rose on July 3. Completed its committee stage on October 28 with minor amendment and support of all parties. Divided into three bills.  Accounting Infrastructure Reform Bill