Comparison of auditing legislations in US, UK and New Zealand with Australia.

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Introduction

Corporate Law Economic Reform Programme also known as CLERP was came into being on 4 March 1997. It represents a structural review of Corporate Law in six key areas of corporate and business regulation. Those six areas were accounting standards, fundraising, directors duties and Corporate governance, takeovers, electronic commerce, financial markets and Investment Products.

CLERP is a program to modernise Australia's Corporations Law and give it an economic focus. Its aim is to introduce world's best practice in business regulation. It is part of the government's broader goal of making Australia a leading financial centre in the region. CLERP is designed to harmonise Corporations Law with pro-enterprise, pro-jobs and pro-investment objectives. One of the underlying objectives of CLERP is to ensure business regulation is consistent with the promotion of a strong and vibrant economy; to facilitate business in the Asia Pacific region and elsewhere. CLERP is intended to improve not only the expression, but also the content and initiative of the law.

The introduction of CLERP 9

The federal government has issued a policy paper CLERP 9 as part of its Corporate Law Economic Reform Program in September 2002 and has been implemented on