Auditing and Assurance Standards Board — Appointment of Acting Chair

Overview

The Auditing and Assurance Standards Board — Appointment of Acting Chair instrument (F2020N00167) was enacted in 2020 to address the need for a temporary leadership role within the Auditing and Assurance Standards Board (AUASB). This notifiable instrument was issued by Michael Sukkar, the Minister for Housing and Assistant Treasurer, under the authority conferred by the Australian Securities and Investments Commission Act 2001. The primary objective of this instrument is to facilitate the continuity of the AUASB's operations by appointing an acting Chair for a specified period. William Edge was appointed to this role for a duration of three months, starting from 1 January 2021, to ensure that the AUASB could maintain its regulatory functions in the absence of a permanent Chair. The terms and conditions of this appointment, including remuneration, allowances, and leave, were set to mirror those applicable to a regular AUASB member as stipulated in section 236FA of the Act, and the appointment was made on a part-time basis.

Scope and Application

The legislation F2020N00167, titled "Auditing and Assurance Standards Board — Appointment of Acting Chair", pertains to the appointment of William Edge as the Acting Chair of the Auditing and Assurance Standards Board (AUASB). This appointment is made under the authority of the Australian Securities and Investments Commission Act 2001, with Michael Sukkar, acting in his capacity as Minister for Housing and Assistant Treasurer, exercising this authority. The appointment is effective for a three-month period starting on 1 January 2021 and is conducted in accordance with the provisions of the Acts Interpretation Act 1901. The terms and conditions of this acting appointment, including remuneration, allowances, and leave, mirror those applicable to a full-time member of the AUASB as stipulated in section 236FA of the Australian Securities and Investments Commission Act 2001. Notably, this appointment is made on a part-time basis. This instrument is issued under Commonwealth jurisdiction and applies to the specific roles within the AUASB, without explicitly detailing exclusions, exemptions, or thresholds beyond the terms and conditions outlined.

Key Provisions

The main operative sections of this notifiable instrument establish the appointment of William Edge as the Acting Chair of the Auditing and Assurance Standards Board (AUASB) under the Australian Securities and Investments Commission Act 2001. Specifically, section 1 of the instrument appoints William Edge to the role for a period of three months starting on 1 January 2021. The terms and conditions of this appointment, including remuneration, allowances, and leave, are set out in section 2, which references section 236FA of the Act and the subparagraph 33A(1)(b)(i) of the Acts Interpretation Act 1901. This section also specifies that the appointment is on a part-time basis. Under this legislation, William Edge is required to perform the duties and responsibilities of the Chair of the AUASB in an acting capacity for the specified period. This includes all the functions and powers conferred upon the Chair by the Australian Securities and Investments Commission Act 2001 and any other relevant laws. The terms and conditions of the appointment are governed by the existing terms applicable to a member of the AUASB, ensuring consistency and fairness in the role's compensation and entitlements. The Act does not explicitly detail any specific obligations or requirements for the parties involved beyond the terms and conditions of the appointment itself. However, the instrument ensures that William Edge will adhere to the governance and operational standards expected of the AUASB Chair during his tenure. This would include participating in board meetings, contributing to the development of auditing and assurance standards, and liaising with relevant stakeholders. There are no explicit provisions within this notifiable instrument outlining offences, penalties, or consequences for breach. The instrument focuses primarily on the procedural aspects of the appointment and the terms under which it is made. However, it is important to note that any breach of the terms and conditions of the appointment or any misconduct while acting in the role could potentially lead to legal consequences under the Australian Securities and Investments Commission Act 2001 or other applicable laws. These could include disciplinary actions, termination of the appointment, or other civil or criminal penalties as deemed appropriate by the relevant authorities.