Audit (Transitional and Miscellaneous) Amendment Act 1997

Overview

The Audit (Transitional and Miscellaneous) Amendment Act 1997 was enacted to address the legislative gaps and transitional issues arising from the repeal of the Audit Act 1901 and the enactment of the Auditor-General Act 1997, the Financial Management and Accountability Act 1997, and the Commonwealth Authorities and Companies Act 1997. This Act, passed by the Parliament of Australia, ensures that the necessary adjustments are made to various existing Acts to align them with the new legislative framework. It primarily focuses on modifying references, repealing outdated provisions, and updating reporting and accountability requirements for a wide range of Commonwealth authorities and corporations. The Act facilitates the transition by establishing new reserves and modifying financial provisions to reflect the new acts while ensuring continuity in the management and accountability of public funds.

Scope and Application

The Audit (Transitional and Miscellaneous) Amendment Act 1997 serves to address transitional and consequential matters following the repeal of the Audit Act 1901 and the enactment of the Auditor-General Act 1997, the Financial Management and Accountability Act 1997, and the Commonwealth Authorities and Companies Act 1997. This Act applies to various Commonwealth authorities and agencies that were previously subject to the Audit Act 1901. These include entities such as the Aboriginal and Torres Strait Islander Commission, the Australian Broadcasting Corporation, the Australian National Maritime Museum, and many others as detailed in Schedule 2. The Act is in force across the Commonwealth of Australia and is intended to ensure that these authorities continue to operate under updated legislative frameworks. Certain sections of the Act have specific commencement dates, which vary based on other related Acts, as outlined in section 2. For instance, amendments to the Air Services Act 1995 and the Australian Maritime Safety Authority Act 1990 have specific commencement dates tied to the Royal Assent of those respective Acts. Exclusions and exemptions are specified within the individual sections of Schedule 2, where certain sections of the amended Acts do not take effect under specific conditions, such as if certain parts of the Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996 or the Wool International Act 1993 have already commenced. The Act extends its application through subordinate instruments, which can prescribe transitional matters and make necessary regulations for the effective implementation of the Act.

Key Provisions

• The Audit (Transitional and Miscellaneous) Amendment Act 1997 (the Act) contains key provisions that relate to the repeal of the Audit Act 1901 and the enactment of several other Acts, including the Auditor-General Act 1997, the Financial Management and Accountability Act 1997, and the Commonwealth Authorities and Companies Act 1997. The Act also includes provisions for the transitional and consequential amendments of various other Acts.
• The main sections of the Act involve repealing certain sections of the Audit Act 1901 and making amendments to other specified Acts to align them with the new legislative framework. For instance, the Act repeals the Audit Act 1901 and updates references to the new Financial Management and Accountability Act 1997 and the Commonwealth Authorities and Companies Act 1997. The Act also modifies definitions and provisions in various Acts to reflect the new terminology and structures introduced by the replacement Acts.
• The obligations and requirements imposed by the Act on the parties or entities it governs include ensuring that certain reports and financial statements are prepared and tabled in Parliament. For example, the Act mandates that the President of the Administrative Appeals Tribunal must prepare and give to the Minister a report of the management of the administrative affairs of the Tribunal, including financial statements and an audit report, to be tabled in each House of the Parliament. Similarly, the Australian Maritime Safety Authority is required to prepare and give to the Minister an annual report on its operations, which must include financial statements and an audit report. Additionally, the Act imposes specific reporting requirements on various entities, such as the annual reporting of certain funds and reserves, and the disclosure of interests by officers and members of these entities.
• The Act sets out specific offences, penalties, and civil/criminal consequences for breaches. For example, under the Military Superannuation and Benefits Act 1991, if a requirement to keep proper accounts and records or to ensure proper authorisation and control over payments and liabilities is contravened, each member of the Board who intentionally caused the contravention or failed to comply with the requirement is guilty of an offence. The penalty for such contravention is imprisonment for six months. Another example is the failure to disclose material personal interests in matters being considered by the Authority, which is considered a contravention under the Australian Maritime Safety Authority Act 1990. Additionally, the Act includes provisions that ensure the transition of funds from old Trust Funds to new components of the Reserved Money Fund and the Commercial Activities Fund.
• In summary, the Act provides a comprehensive framework for the repeal of the Audit Act 1901 and the consequential amendments necessary to update and align various other Acts with the new legislative requirements. It imposes specific reporting and accountability obligations on numerous entities and specifies penalties for non-compliance, ensuring a smooth transition to the new legislative framework.

Legal classification tags

Area of Law

Corporate Law & Governance

Public Administration

Instrument

Act

Concepts

Definitions & Interpretation

Commencement Provisions

Repeal & Amendment

Reporting & Disclosure Obligations

Enforcement Powers

Regulatory Standards