Auditing and Assurance Standards Board – Appointment of Part-time Acting Chair – 2021
I, Michael Sukkar, Assistant Treasurer, Minister for Housing, Minister for Homelessness, Social and Community Housing, acting under subsection 236H(1) of the Australian Securities and Investments Commission Act 2001, appoint William (Bill) Edge to act as Chair of the Auditing and Assurance Standards Board (AUASB) for a further period of three months commencing on 1 April 2021.
Under the subparagraph 33A(1)(b)(i) of the Acts Interpretation Act 1901, I determine the terms and conditions of this appointment (including remuneration, allowances and leave) to be the same as the terms and conditions that apply, as at the date of this appointment, to a member of the AUASB under section 236FA of the Australian Securities and Investments Commission Act 2001. I further determine under subparagraph 33A(1)(b)(i) that this appointment is on a part-time basis.
Dated 23 March 2021
Michael Sukkar
Assistant Treasurer, Minister for Housing and
Minister for Homelessness, Social and Community Housing
Overview
The Auditing and Assurance Standards Board – Appointment of Part-time Acting Chair – 2021 Instrument was enacted in 2021 to facilitate the continuation of leadership within the Auditing and Assurance Standards Board (AUASB) by appointing William (Bill) Edge as the part-time Acting Chair for a specified period. This was necessitated to ensure that the AUASB maintained its operational capacity and regulatory oversight, despite any potential gaps in full-time leadership. The instrument was issued by Michael Sukkar, who was serving as the Assistant Treasurer and Minister for Housing, Minister for Homelessness, Social and Community Housing, acting under the authority provided by subsection 236H(1) of the Australian Securities and Investments Commission Act 2001. The policy objective underpinning this appointment was to preserve the integrity and functionality of the AUASB, thereby supporting the broader financial and economic stability within Australia. The terms and conditions of this appointment, including remuneration, allowances, and leave, were determined under subparagraph 33A(1)(b)(i) of the Acts Interpretation Act 1901, aligning with those applicable to a regular member of the AUASB as stipulated in section 236FA of the Australian Securities and Investments Commission Act 2001.
Scope and Application
The Notifiable Instrument F2021N00054 pertains to the appointment of William (Bill) Edge as the part-time acting Chair of the Auditing and Assurance Standards Board (AUASB) for a duration of three months, commencing on 1 April 2021. This appointment is made by Michael Sukkar, who holds the positions of Assistant Treasurer, Minister for Housing, and Minister for Homelessness, Social and Community Housing, acting under the authority conferred by subsection 236H(1) of the Australian Securities and Investments Commission Act 2001. The terms and conditions of this part-time appointment, including remuneration, allowances, and leave, are governed by subparagraph 33A(1)(b)(i) of the Acts Interpretation Act 1901, aligning with those applicable to a regular member of the AUASB under section 236FA of the Australian Securities and Investments Commission Act 2001. This instrument falls under the Commonwealth jurisdiction and applies specifically to the appointment within the AUASB, without broader implications or exclusions as stated within the document.
Key Provisions
The notifiable instrument F2021N00054, dated 23 March 2021, appoints William (Bill) Edge to act as the Chair of the Auditing and Assurance Standards Board (AUASB) for a further period of three months, starting from 1 April 2021. This appointment is made under subsection 236H(1) of the Australian Securities and Investments Commission Act 2001 (section 236H(1)). The terms and conditions of this part-time appointment, including remuneration, allowances, and leave, are determined under subparagraph 33A(1)(b)(i) of the Acts Interpretation Act 1901 (subsection 33A(1)(b)(i)). These terms and conditions are set to be the same as those applicable to a member of the AUASB under section 236FA of the Australian Securities and Investments Commission Act 2001 (section 236FA).
The Act imposes specific obligations on the parties involved in this appointment. Michael Sukkar, acting as the Assistant Treasurer, Minister for Housing, and Minister for Homelessness, Social and Community Housing, is responsible for appointing Bill Edge to the AUASB Chair role. The terms and conditions of this appointment are to be determined by Michael Sukkar under the authority provided by the Acts Interpretation Act 1901. Bill Edge, as the appointed part-time Chair, must adhere to the determined terms and conditions of his appointment, including those relating to remuneration, allowances, and leave.
The notifiable instrument does not specify any offences, penalties, or civil/criminal consequences for breach of the terms and conditions of the appointment. However, any breach of the terms and conditions may lead to consequences under the Australian Securities and Investments Commission Act 2001 and the Acts Interpretation Act 1901. These could include potential disciplinary actions or termination of the appointment, but the specific penalties are not detailed in the notifiable instrument.