Statutory
Rules 1997No. 390 1
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Audit (Transitional and Miscellaneous)
Regulations
I, The Governor-General of the Commonwealth of Australia, acting with the advice of the
Federal Executive Council, make the following Regulations under the Audit
(Transitional and Miscellaneous) Amendment Act 1997.
Dated 18 December 1997.
WILLIAM
DEANE
Governor-General
By His
Excellency’s Command,
JOHN FAHEY
Minister
for Finance and Administration
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PART 1—PRELIMINARY
Citation
1. These Regulations may be cited as the Audit
(Transitional and Miscellaneous) Regulations.
Commencement
2. These Regulations commence on 1 January 1998.
Definitions
3. In these Regulations:
“Audit Act” means the Audit Act 1901;
“Auditor-General Act” means the Auditor-General
Act 1997;
“CAC Act” means theCommonwealth Authorities
and Companies Act 1997;
“FMA Act” means the Financial Management and
Accountability Act 1997;
“FMA Regulations” means the Financial Management and
Accountability Regulations.
PART 2—APPLICATION OF AUDITOR-GENERAL
ACT 1997
Acting appointment (Audit Act, s 8)
4. An appointment of a person under subsection
8 (1) of the Audit Act to act in the office of the Auditor-General, in
force immediately before 1 January 1998, is taken, on and after
1 January 1998, to be an appointment under clause 7 of Schedule 1 to
the Auditor-General Act.
Performance of Auditor-General function (Audit Act, s 11)
5. A person who, immediately before
1 January 1998, is a person appointed under section 11 of the Audit
Act to perform a function may perform the function on and after
1 January 1998 as if he or she were engaged under contract to assist
in the performance of that function under section 27 of the Auditor-General
Act.
Audit of certain
financial statements (Audit Act, s 41D)
6. The audit of a financial statement submitted
to the Auditor-General under subsection 41D (2A) of the Audit Act, but not
reported on before 1 January 1998, must be completed in accordance
with that subsection as if that subsection had not been repealed.
Efficiency
audits (Audit Act, Part VI, Division 2)
7. An efficiency audit begun under Division 2 of
Part VI of the Audit Act, but not completed before 1 January 1998, is
taken, on and after 1 January 1998, to be a performance audit under
Division 2 of Part 4 of the Auditor-General Act.
Audit of Australian National Audit Office (Audit Act, s 48K)
8. An audit of the Australian National Audit
Office begun under subsection 48K (2) of the Audit Act, but not completed
before 1 January 1998, is taken, on and after
1 January 1998, to be an audit of the Australian National Audit Office
under Division 2 of Part 7 of the Auditor-General Act.
Audit of
aggregate financial statements (Audit Act, s 50AB)
9. The audit of an aggregate financial statement
submitted to the Auditor-General under subsection 50AB (2) of the Audit
Act, but not reported on before 1 January 1998, must be completed in
accordance with subsection 51 (1) of the Audit Act as if that subsection
had not been repealed.
Audit of financial statements (Audit Act, s 51)
10. An examination of a financial statement begun
by the Auditor-General under subsection 51 (1) of the Audit Act, but not
reported on before 1 January 1998, must be completed in accordance
with that subsection as if that subsection had not been repealed.
Project
performance audits (Audit Act, s 54)
11. A project performance audit begun under
section 54 of the Audit Act, but not completed before
1 January 1998, is taken, on and after 1 January 1998, to
be a performance audit under Division 2 of Part 4 of the Auditor-General Act.
Auditing standards (Audit Act, s 63MB)
12. Auditing standards set under subsection
63MB (1) of the Audit Act, and in force immediately before 1 January 1998,
are taken, on and after 1 January 1998, to be auditing standards set under
section 24 of the Auditor-General Act.
Indemnity (Audit Act, s 70E)
13. The indemnity conferred by subsection
70E (2) of the Audit Act on a person appointed under section 11 of that
Act continues to have effect on and after 1 January 1998 in relation
to a function or service performed by the person, during his or her
appointment, on behalf of the Auditor-General.
PART 3—APPLICATION OF FINANCIAL MANAGEMENT AND ACCOUNTABILITY ACT
1997 AND REGULATIONS AND ORDERS UNDER THAT ACT
Authority for overdrafts (Audit Act, s 18)
14. An overdraft arranged with the authority of
the Minister under section 18 of the Audit Act is taken, on and after
1 January 1998, unless it does not comply with subsection 8 (3) of
the FMA Act, to be an overdraft drawing provided for in an agreement made under
subsection 8 (4) of the FMA Act.
Agreements with banks about receipt, transmission etc of public
money (Audit Act, s 20)
15. An agreement made with a bank under section
20 of the Audit Act, and in force immediately before 1 January 1998,
has effect on and after 1 January 1998 as if it were made under
section 8 of the FMA Act.
Official bank accounts (Audit Act, s 21)
16. A bank account opened and maintained under
section 21 of the Audit Act is taken, on and after 1 January 1998, to
have been opened under subsection 9 (1) of the FMA Act.
Handling etc of special public money (Audit Act, s 25)
17. A direction in force under subsection 25 (3)
of the Audit Act immediately before 1 January 1998 has effect, on and
after 1 January 1998, as if:
- (a)
it were a Special Instruction issued under
section 16 of the FMA Act; and
- (b)
the money concerned were special public
money, within the meaning of that section.
Act of grace
payments (Audit Act, s 34A)
18. (1) A
direction that an amount is, or amounts are, to be treated as properly payable
that is in force under subsection 34A (1) of the Audit Act immediately before 1
January 1998, and terms and conditions to which payment under such a
direction is subject under subsection 34A (1A) of the Audit Act, have
effect, on and after 1 January 1998, as if they were an authorisation
under subsection 33 (1) of the FMA Act and conditions under subsection
33 (3) of the FMA Act.
(2) On and after 1 January 1998, a
subsection 34A (2) report that:
- (a)
relates to a payment, or payments, amounting,
or likely to amount, in total to more than $100,000; and
- (b)
was not finally dealt with before
1 January 1998;
has effect, for subsection 33 (2) of that Act, as if it were a
report under section 59 of the FMA Act.
(3)For subregulation (2), a report is a
subsection 34A (2) report that was not finally dealt with before
1 January 1998 if:
- (a)
the report was furnished to an authorised
person under subsection 34A (2) of the Audit Act before
1 January 1998 but an authorised person had not given a direction
under subsection 34A (1) of that Act in relation to the payment, or payments,
before 1 January 1998; or
- (b)
preparation of the report was initiated, but
the report was not furnished to an authorised person, before
1 January 1998.
(4) For paragraph (3) (b), the Committee
mentioned in subsection 34A (2) of the Audit Act is authorised to complete
any report on which it was engaged under that subsection as if that subsection
had not be repealed.
Investment of money standing to credit of Trust Fund (Audit Act,
s 62B)
19. Money that, immediately before
1 January 1998, is invested under section 62B of the Audit Act is
taken, on and after 1 January 1998, to be money invested under
subsection 39 (1) of the FMA Act.
Writing off, and waiver of rights to, certain moneys and stores
(Audit Act, s 70C)
20. (1) On
and after 1 January 1998, a subsection 70C (4) report that:
- (a)
relates to the waiver of the right to payment
of an amount that involves, or is likely to involve, a total amount of more
than $100,000; and
- (b)
was not finally dealt with before
1 January 1998;
has effect, for subsection 34 (2) of the FMA Act, as if it
were a report under section 59 of that Act.
(2)For subregulation (1), a report is a
subsection 70C (4) report that was not finally dealt with before
1 January 1998 if:
- (a)
the report was furnished to the Minister
under subsection 70C (4) of the Audit Act before 1 January 1998
but the Minister had not acted under subsection 70C (1) of that Act to
waive the right to payment of the amount, before 1 January 1998; or
- (b)
preparation of the report was initiated, but
the report was not furnished to the Minister, before 1 January 1998.
(3) For paragraph (2) (b), the Committee
mentioned in subsection 70C (4) of the Audit Act is authorised to complete
any report on which it was engaged under that subsection as if that subsection
had not be repealed.
Guidelines by Ministers (Audit Act, s 73)
21. Guidelines in force under section 73 of the
Audit Act immediately before 1 January 1998 have effect, on and after
1 January 1998, as if they were guidelines under subsection
64 (1) of the FMA Act.
Advances
(Finance Regulations, r 74)
22. For the 6 months beginning on 1 January 1998:
- (a)
an advance of a kind that, immediately before
1 January 1998, was an approved kind of advance under paragraph
74 (1) (j) of the Finance Regulations is taken to be an official
advance the purpose of which has been approved under regulation 15 of the FMA
Regulations; and
- (b)
a condition in force under subregulation
74 (2) of the Finance Regulations immediately before
1 January 1998 is taken to be a condition under regulation 16 of the
FMA Regulations.
Funds Allocation Authorities (Finance Regulations, r 90)
23. A Funds Allocation Authority for Expenditure
issued under regulation 90 (1) of the Finance Regulations is taken, on and
after 1 January 1998, to be an advice issued under Orders made under
section 63 of the FMA Act and in force on 1 January 1998.
Net annotated appropriations (Act Nos 88 and 89, 1997)
24. An agreement in force immediately before
1 January 1998 under:
has effect, on and after 1 January 1998, as if it were made
under section 31 of the FMA Act.
PART 4—APPLICATION OF COMMONWEALTH AUTHORITIES AND COMPANIES ACT
1997
Division 4.1—Preliminary
Interpretation—expressions used in CAC Act
25.Unless the contrary intention appears, an
expression that is used in a provision of this Part (“the transitional
provision”) and in the CAC Act generally, or in a particular provision of
the CAC Act mentioned in the transitional provision, has, in the transitional
provision, the same meaning as in the CAC Act generally or in that particular
provision of the CAC Act, as the case requires.
Interpretation—“transitional financial year”
26. A reference in this Part to a transitional
financial year of a Commonwealth authority or Commonwealth company is a
reference to a financial year of that authority or company that began before
1 January 1998.
Division 4.2—Commonwealth authorities
Annual reports (CAC Act, ss 9–17)
27. (1) The
directors of a Commonwealth authority are taken to have satisfied the
requirements of Division 2 of Part 3 of the CAC Act in relation to the annual
report (including financial statements) required by law to be prepared in
relation to the authority for a transitional financial year of the authority if
the authority complies with each requirement, rule and obligation that,
immediately before 1 January 1998, applied by law in relation to the
report.
(2) The directors of a Commonwealth authority
must prepare the annual report (including financial statements) for a financial
year beginning on or after 1 January 1998 but before
1 July 1998 in accordance with Division 2 of Part 3 of the CAC Act,
except for compliance with paragraph 1 (a) of Schedule 1 to the CAC Act.
(3) However, at any time before the submission of
the annual report mentioned in subregulation (1), the Minister may alter
the form for financial statements approved under subsection 63H (1) or
63M (1) of the Audit Act, or under any other law relating to the
Commonwealth authority, and any guidelines relating to the form, and, to the
extent necessary for that purpose, that Act or law continues to have effect as
if it had not been repealed.
Audit of financial statements (CAC
Act, Schedule 1, Part 2)
28. The Auditor-General is taken to have
satisfied the requirements of Part 2 of Schedule 1 to the CAC Act in relation
to the Auditor-General’s report on the financial statements for a transitional
financial year of a Commonwealth authority if the Auditor-General complies with
each requirement, rule and obligation that, immediately before
1 January 1998, applied by law to the Auditor-General in relation to
the Auditor-General’s report on those financial statements.
Audit of subsidiary’s financial statements (CAC Act, ss 8 and
12)
29.Subsection 8 (2), and section 12, of
the CAC Act do not apply to the financial statements of a subsidiary of a
Commonwealth authority for an annual accounting period of that subsidiary that
began before 1 January 1998.
Budget estimates
(CAC Act, s 14)
30. The directors of a Commonwealth authority
(other than a GBE) are taken to have satisfied the requirements of
section 14 of the CAC Act in relation to the budget estimates required to
be prepared in relation to the authority for a transitional financial year of
the authority if the authority complies with each requirement, rule and
obligation (if any) that, immediately before 1 January 1998, applied
to estimates of receipts and expenditure, or budget estimates, of the
authority.
Corporate plan for GBE (CAC Act, s 17)
31.The directors of a Commonwealth authority
that is a GBE are taken to have satisfied the requirements of section 17 of the
CAC Act in relation to a corporate plan required to be prepared in relation to
the authority for a transitional financial year of the authority if the
authority complies with each requirement, rule and obligation that, immediately
before 1 January 1998, applied to that corporate plan.
Treasurer’s approval (CAC Act, s 18)
32. An approval by the Treasurer under paragraph
63E (1) (c) of the Audit Act, or under a law relating to a
Commonwealth authority that is not a GBE or SMA, and given before
1 January 1998, continues to have effect after 1 January 1998
as if it were an approval under paragraph 18 (3) (d) of the CAC Act.
Accounting records (CAC Act, s 20)
33.A Commonwealth authority is taken to have
satisfied the requirements of subsection 20 (1) of the CAC Act in relation
to the accounting records required by law to be kept by the authority for a
transitional financial year of the authority if the authority complies with
each requirement, rule and obligation that, immediately before
1 January 1998, applied by law to those accounting records.
Financial year—Army and Air Force Canteen Service Board of
Management
34.The financial year of the Army and Air
Force Canteen Service Board of Management that, in accordance with the Army and
Air Force Canteen Service Regulations, as in force immediately before
1 January 1998, commenced on 31 January 1997 ends on 30 June
1998.
Division 4.3—Commonwealth companies
Audit of subsidiary’s financial statements (CAC Act, ss 35
and 37)
35.Subsection 35 (2), and section 37,
of the CAC Act do not apply to the financial statements of a subsidiary of a
Commonwealth company for an annual accounting period of that subsidiary that
commenced before 1 January 1998.
Budget estimates (CAC Act, s 39)
36. The directors of a wholly-owned Commonwealth
company (other than a GBE) are taken to have satisfied the requirements of
section 39 of the CAC Act in relation to the budget estimates required to be
prepared in relation to the company for a transitional financial year of the
company if the company complies with each requirement, rule and obligation (if
any) that, immediately before 1 January 1998, applied to estimates of
receipts and expenditure, or budget estimates, of the company.
Corporate plan for GBE (CAC Act, s 42)
37.The directors of a wholly-owned
Commonwealth company that is a GBE are taken to have satisfied the requirements
of section 42 of the CAC Act in relation to a corporate plan required to be
prepared in relation to the company for a transitional financial year of the
company if the company complies with each requirement, rule and obligation
that, immediately before 1 January 1998, applied to that corporate
plan.
Financial statements (CAC Act, ss 35 and 36)
38. Subsections 35 (1) and 36 (2) of
the CAC Act do not apply to financial statements of a Commonwealth company for
a financial year that commenced before 1 January 1998.
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NOTE
1. Notified in the Commonwealth of
Australia Gazette