Research Paper on:
An Evaluation of Australia's Corporation Law Reform Program

Unformatted Sample Text from the Research Paper:
governmental policies, but it seems that as the twenty-first century unfolds, the tide is changing. Various laws have cropped up to try to control things and this has been done  in Australia as well as a variety of countries. A student writing on this subject remarks that in light of financial failures such as WorldCom and Enron, there is a  sense that there are many scandals resulting from "business, governance, and financial reporting failures." Indeed, Carlin & Ford (2006) agree and suggest that poor governance seems to be viewed as  a factor to blame for failures such as Global Crossing, WorldCom and Enron and thus, it is understandable that Australia has reacted with vigor to try to remedy these situations.  The government has been proactive by trying to alter disclosure requirements as well as to assure audit independence (Carlin & Ford, 2006). The student goes on to provide Australias  response to this dilemma through the implementation of the Corporation Law Reform Program. This would result in, according to a student, the passage of Audit Reform and Corporate Disclosure Act  2004 also known as the CLERP Act 2004. Some of the requirements of the new legislation are restrictive. There is controversy. Although on balance the law seems to be fair,  there are some stringent requirements which hinder the process of doing business. In evaluating this case, it pays to examine the law in question. II. Australias Corporation Law  Reform Program The primary principles aligned with the new law, also called CLERP, have to do with investor protection, market freedom and quality disclosures (Carlin & Ford,  2006). The most important principles of this new legislation include the fact that audit committees are a definite for the top tier companies, that these committees will bear the responsibility