The main purpose of the Corporations Act is to:
A) develop and promulgate approved accounting standards.
B) establish appropriate corporate governance mechanisms to promote appropriate decision making by participants and managerial accountability to shareholders.
C) give legislative backing to the Australian Securities Exchange's Listing Rules.
D) ensure that auditors conducting financial statement audits are registered.

Question

Quizplus · Accepted Answer

The main purpose of the Corporations Act is to establish appropriate corporate governance mechanisms to promote appropriate decision making by participants and managerial accountability to shareholders. The Act also covers other aspects related to companies, such as their registration, operations, legal liabilities, and reporting requirements. However, the overarching goal of the Act is to enhance the accountability of corporations and their directors, officers, and auditors, and to protect the interests of their stakeholders, including shareholders, employees, customers, and creditors.

The Main Purpose of the Corporations Act Is To