AQRB: Glossary of Terms used in various AQRB Documents.
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This Glossary is intended to be a guide only. The definitions in each legal document will prevail in the event of any differences.
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AQRB means Audit Quality Review Board Ltd (ACN 117 029 231 ), a not-for-profit company limited by guarantee incorporated under the Corporations Act 2001 on 20 December 2005.
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AQRB Relevant Persons has the same meaning given to it in the Code of Conduct.
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AQRB request means a request by AQRB to a Participating Monitored Audit Firm or a designated professional to provide access to documents orinformation for the purpose of a review.
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article means an article of the Constitution.
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Audit Firm means a sole proprietorship, partnership, corporation or other legal entity engaged in the business of providing services as auditors in Australia.
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Auditor means the auditor for the time being of the Company.
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Auditor Consultation Group: the committee established by clause 8 of the Rules of Operation.
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Chairman means the chairman of the board of directors of the Company.
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Code of Conduct means the code set out in Annexure B to the Constitution and includes any amendments thereto which may be made from time to time.
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Company means Audit Quality Review Board Limited.
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Confidential Information means any documents or other stored information disclosed to AQRB by a Participating Monitored Audit Firm for or inconnection with a review of the firm.
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Constitution means the constitution of the Company as it is amended from time to time.
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Corporations Act means the Corporations Act 2001 (Cwlth).
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CPI means the All Groups Consumer Price Index (Weighted Average of Eight Capital Cities) published by the Australian Bureau of Statistics
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Default Interest Rate means, on any day, the aggregate of the cash rate target expressed as a percentage per annum quoted by the Reserve Bank of Australia and 1% per annum.
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designated professional means a partner, employee or independent contractor of a Participating Monitored Audit Firm.
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Detailed Review Report: a long-form report, in a format determined by the board of AQRB, giving a balanced commentary on and detailing procedural issues arising from a review and which may contain recommendations as described in paragraph 6.8 of the Rules of Operation.
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Director means a director of the Company.
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Directors means the directors of the Company acting as a board.
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Final Review Committee means the committee (consisting of as many AQRB board members as are available and such other advisers or specialists that the AQRB board considers desirable) that decides on any disputes that arise about the content of a draft review report.
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Foundation Agreement means an agreement to be entered into between a Foundation Member and the Company setting out the role of that Foundation Member in relation to the Company.
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Foundation Member means St James or any entity admitted as a Foundation Member in accordance with article 2.2 of the Constitution.
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Government Agency means any governmental, semi-governmental, administrative, fiscal, judicial or quasi-judicial body, department, commission, authority, tribunal, agency or entity.
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material form means information in any form of storage (whether visible or not) from which the information can be reproduced and any form in which the information is embodied or encoded.
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Member means a member of the Company.
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Monitoring Agreement means an agreement (in the form adopted by the Directors) between the Company and a Participating Monitored Audit Firm in connection with the Company’s Monitoring Process.
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monitoring process: the reviews undertaken by AQRB (see section 5 of the Rules of Operation).
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Nominations Committee means the Committee established under article 6.1 of the Constitution.
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Participating Audit Firm (or PAF) means an audit firm that has provided a Quality Control Report but has chosen not to enter into a monitoring agreement and participate further in the monitoring process.
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Participating Monitored Audit Firm (or PMAF) means an audit firm that has entered into a monitoring agreement which has not terminated.
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participation fee means the fee for participating in the monitoring process.
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Professional Bodies or accounting professional bodies means the Institute of Chartered Accountants in Australia, the National Institute of Accountants, and CPA Australia and any successor organisation to any of them.
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Publicly Listed Entity means any public company or registered scheme which is listed on the official list of the Australian Stock Exchange Limited.
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quality control form agreement means an agreement, in the form adopted by the directors, between an audit firm and AQRB under which the audit firm provides information on an annual basis about internal quality control processes and policies.
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Quality Control Report (QCR) means a report produced by an audit firm in respect of specified internal processes and policies, using the form attached to these rules as amended from time to time by AQRB following consultation with the Auditor Consultation Group.
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Register means the register of Members maintained by the Company.
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Registered Office means the registered office for the time being of the Company.
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Regulator means the Australian Securities & Investments Commission, the Australian Prudential Regulation Authority, or any other government body or judicial body with authority to review the records of a company.
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Reporting Committee means the AQRB committee that approves the draft review reports produced as a result of an AQRB review.
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review means a monitoring visit undertaken by AQRB in line with its purpose and objective (for full details see section 5 of the Rules of Operation).
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reviewer means a person appointed by AQRB as a reviewer in addition to the board members.
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Review Panel means the panel approved of for the purpose of clause 5.4 of the Rules of Operation.
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Review Reports means the Summary Review Report and the Detailed Review Report.
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Rules means the rules of operation adopted and set out in Annexure C to the Constitution and includes any amendments thereto which may be made from time to time.
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Secretary means a person appointed as a secretary of the Company and, where appropriate, includes an acting secretary or a person appointed by the Directors to perform all or any of the duties of a secretary of the Company.
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St James means the St James Ethics Centre.
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Summary Review Report means a balanced commentary on an audit firm's quality procedures and their operation.
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working papers means all information, regardless of its material form, prepared by AQRB as part of a review of a Participating Monitored Audit Firm, including any draft reports.
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