In short
In a joint press statement on 27 June 2002, the Treasurer and the Parliamentary Secretary to the Treasurer announced a process for achieving further improvement in audit regulation and the wider corporate disclosure framework as the next phase in the Government’s Corporate Law Economic Reform Program (CLERP).
CLERP 9 builds on previous reforms and adopts principles that provide for flexible law that takes account of the changing environment in which business operates, and ensures clear guidance on appropriate corporate behaviour and effective enforcement where breaches occur.