Audit Regulations (Amendment) 1994 No. 285
EXPLANATORY STATEMENT
Statutory Rules 1994 No. 285
Issued by the Authority of the Minister for Finance
Audit Act 1901
Audit Regulations (Amendment)
Subsection 71(1) of the Audit Act 1901 (the Act) provides that the Governor-General may make regulations (not inconsistent with the provisions of the Act) for carrying out the provisions of the Act. The attached Statutory Rules amended the Audit Regulations made pursuant to section 71.
Section 70BA of the Act provides that the Regulations may declare an authority, a body or a company in which the Commonwealth has a controlling interest, to be subject to the section. The effect of such a declaration is that, where the Auditor-General is required by the Act or other legislation to submit a report on an authority, body or company, the Auditor-General may authorise an officer to sign that report on the Auditor-General's behalf and when the report is submitted, it shall be taken to have been submitted by the Auditor- General.
The regulations amend the Audit Regulations by revising Schedules 1 and 2 to update the current lists of authorities, bodies and companies which are declared to be subject to section 70BA.
The declaration of these authorities, bodies and companies does not affect the Auditor-General's overall responsibility for the conduct of the audits undertaken. It merely permits the AuditorGeneral to authorise an officer to sign a report on his or her behalf, thus relieving the AuditorGeneral of some of the professional workload associated with that office. The Auditor-General will sign a report personally should circumstances arise which warrant him or her doing so.
Overview
The Audit Regulations (Amendment) 1994 No. 285, issued under the authority of the Minister for Finance, amends the Audit Regulations made pursuant to the Audit Act 1901. The primary objective of these regulations is to update the lists of authorities, bodies and companies that are subject to section 70BA of the Act. This amendment facilitates the delegation of the task of signing audit reports from the Auditor-General to authorised officers, thereby easing the professional workload of the Auditor-General without affecting his or her ultimate responsibility for the audits conducted. Such delegation is intended to streamline the reporting process while maintaining the integrity and accountability of the audit function. The Act empowers the Governor-General to make regulations that are consistent with its provisions, and these amendments serve to refine the application of the Act in a practical and efficient manner.
Scope and Application
The Audit Regulations (Amendment) 1994 No. 285, issued under the authority of the Minister for Finance, amends the Audit Regulations made pursuant to the Audit Act 1901. This amendment primarily updates the lists of authorities, bodies, and companies that are declared to be subject to section 70BA of the Act, which pertains to the authorisation of officers to sign audit reports on behalf of the Auditor-General. The Act applies to the Auditor-General and the various authorities, bodies, and companies in which the Commonwealth has a controlling interest. These amendments ensure that the regulatory framework remains current and effectively supports the Auditor-General's responsibilities without altering their overarching duty for audit conduct. The jurisdictional reach of these regulations is national, encompassing the Commonwealth's interests across Australia. The regulations do not introduce any exclusions or exemptions but serve to streamline administrative processes for audit reporting. Subordinate instruments may further extend or specify the application of these regulations as necessary to adapt to changing circumstances.
Key Provisions
The main operative sections of the Audit Regulations (Amendment) 1994 No. 285 involve revisions to Schedules 1 and 2 (sections 2 and 3). These schedules list the authorities, bodies, and companies that are subject to section 70BA of the Audit Act 1901. By updating these lists, the regulations clarify which entities the Auditor-General may delegate signing authority to an officer for audit reports. This amendment is intended to streamline the process without diminishing the Auditor-General's accountability for the audits.
These regulations impose specific obligations on the Auditor-General and the authorised officers. The Auditor-General remains responsible for the overall conduct of audits but can delegate the signing of audit reports to authorised officers for the listed entities (section 70BA). This delegation is meant to reduce the administrative burden on the Auditor-General, allowing them to focus on more critical aspects of audit oversight. However, the Auditor-General retains the authority to sign reports personally if the circumstances demand it, ensuring a high level of personal accountability.
The regulations do not explicitly detail offences, penalties, or civil/criminal consequences for non-compliance within their text. However, the overarching framework of the Audit Act 1901 includes provisions for penalties and enforcement mechanisms. Breaches of the Act or regulations could potentially lead to civil or criminal penalties, depending on the nature and severity of the non-compliance. Such penalties are typically outlined in the main Act and may include fines or other legal repercussions. The specific penalties would be determined in accordance with the relevant sections of the Audit Act 1901.