Division
Sean Edwards Senator McKim, do you intend to proceed with amendment (2)? Nick McKim That amendment would be consequential to the first amendment succeeding, which, obviously, did not happen. On that basis, it will not be proceeded with. Peter Whish-Wilson ) ( ): by leave—I move Greens amendments (1) and (2) on sheet 7845 together: (1) Page 2, clause 2 (table item 2), omit the table item, substitute: (2) Page 12 (after line 22), after Schedule 2, insert: Schedule 2A—Amendments relating to the Corporations Act 2001 _Corporations Act 2001_ 1 Section 9 (after paragraph (a) of the definition of _financial records_ ) Insert: (ab) books, records or accounts needed to explain details of transactions that deal with assets; and 2 After section 190B Insert: 190C Internal accounting controls (1) A director of a corporation must ensure that the corporation has a system of internal accounting controls. (2) To comply with subsection (1), the system must ensure that: (a) transactions are executed in accordance with appropriate authorisation; and (b) transactions are recorded; and (c) assets of the corporation are regularly accounted for and reconciled; and (d) appropriate authorisations are in place in relation to dealing with assets of the corporation. 3 Paragraph 286(1)(a) Repeal the paragraph, substitute: (a) correctly record and explain its financial position and performance; and (ab) correctly record and explain its transactions in sufficient detail so that the record accurately reflects the transactions; and 4 Application provisions The amendments made by items 1 and 3 of this Schedule apply to transactions that occur on or after the commencement of this Schedule. I will not take very long, but I want to spend a few minutes going through why we have put up some amendments to schedule 2, which deals with false-accounting offences. The Greens are supportive of the intention of schedule 2 as it exists. Schedule 2 purports to strengthen the law in relation to the falsification of
Senate, 2016-02-23. negative: ayes 12, noes 27.
Question
Sean Edwards Senator McKim, do you intend to proceed with amendment (2)? Nick McKim That amendment would be consequential to the first amendment succeeding, which, obviously, did not happen. On that basis, it will not be proceeded with. Peter Whish-Wilson ) ( ): by leave—I move Greens amendments (1) and (2) on sheet 7845 together: (1) Page 2, clause 2 (table item 2), omit the table item, substitute: (2) Page 12 (after line 22), after Schedule 2, insert: Schedule 2A—Amendments relating to the Corporations Act 2001 _Corporations Act 2001_ 1 Section 9 (after paragraph (a) of the definition of _financial records_ ) Insert: (ab) books, records or accounts needed to explain details of transactions that deal with assets; and 2 After section 190B Insert: 190C Internal accounting controls (1) A director of a corporation must ensure that the corporation has a system of internal accounting controls. (2) To comply with subsection (1), the system must ensure that: (a) transactions are executed in accordance with appropriate authorisation; and (b) transactions are recorded; and (c) assets of the corporation are regularly accounted for and reconciled; and (d) appropriate authorisations are in place in relation to dealing with assets of the corporation. 3 Paragraph 286(1)(a) Repeal the paragraph, substitute: (a) correctly record and explain its financial position and performance; and (ab) correctly record and explain its transactions in sufficient detail so that the record accurately reflects the transactions; and 4 Application provisions The amendments made by items 1 and 3 of this Schedule apply to transactions that occur on or after the commencement of this Schedule. I will not take very long, but I want to spend a few minutes going through why we have put up some amendments to schedule 2, which deals with false-accounting offences. The Greens are supportive of the intention of schedule 2 as it exists. Schedule 2 purports to strengthen the law in relation to the falsification of
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