Australian Securities and Investments Commission (Auditing and Assurance Standards Board – Chair) Appointment (No. 1) 2022

Overview

The Australian Securities and Investments Commission (Auditing and Assurance Standards Board – Chair) Appointment (No. 1) 2022 instrument, enacted in 2022, appoints William (Bill) Edge as the Chair of the Auditing and Assurance Standards Board (AUASB) for a term of one year, from 1 July 2022 to 30 June 2023. This notifiable instrument was introduced to address the need for a qualified individual to lead the AUASB, ensuring robust auditing and assurance standards in Australia. The appointment was made by Michael Sukkar, Assistant Treasurer, Minister for Housing, and Minister for Homelessness, Social and Community Housing, in accordance with section 236F of the Australian Securities and Investments Commission Act 2001, which mandates that the appointee must meet the qualifications stipulated in subsection 236F(4) of the Act. This legislative action underscores the government’s commitment to maintaining high standards in financial oversight and accountability.

Scope and Application

The Australian Securities and Investments Commission (Auditing and Assurance Standards Board – Chair) Appointment (No. 1) 2022 applies to the appointment of William (Bill) Edge as the Chair of the Auditing and Assurance Standards Board (AUASB) on a full-time basis from 1 July 2022 to 30 June 2023. This appointment is made under section 236F of the Australian Securities and Investments Commission Act 2001 and is effective as of 28 March 2022. The Act is applicable to individuals who are qualified for the role, as per subsection 236F(4) of the Act, and in this instance, Michael Sukkar, Assistant Treasurer and Minister for Housing, Minister for Homelessness, Social and Community Housing, has determined that William (Bill) Edge meets these qualifications. This notifiable instrument extends the application of the Act by appointing a specific individual to a key position within the AUASB, thereby impacting the governance and oversight of auditing and assurance standards in Australia. The scope of the legislation is focused on the appointment process and does not include any explicit exclusions, exemptions, or thresholds beyond the qualification requirements stipulated in the Act.

Key Provisions

The main operative sections of the legislation, F2022N00080, establish the appointment of William (Bill) Edge as the Chair of the Auditing and Assurance Standards Board (AUASB) on a full-time basis from 1 July 2022 to 30 June 2023. This appointment is made under section 236F of the Australian Securities and Investments Commission Act 2001 (s 236F). The legislation explicitly states that Michael Sukkar, the Assistant Treasurer and Minister for Housing, Social and Community Housing, and Homelessness, is satisfied that Mr Edge is qualified for the appointment in accordance with subsection 236F(4) of the Act. This provision ensures that the appointee has the necessary qualifications and experience to fulfil the role effectively. The Act imposes specific obligations on the parties involved, particularly regarding the appointment process. Michael Sukkar, in his capacity as the Assistant Treasurer, is responsible for ensuring that Mr Edge meets the qualifications required by subsection 236F(4) of the Act. Additionally, Mr Edge, as the appointed Chair of the AUASB, is obligated to perform his duties diligently and in accordance with the Act and any other applicable laws. The role of the Chair is to oversee the AUASB and ensure that it operates effectively and efficiently in setting auditing and assurance standards in Australia. In terms of the potential consequences for breach, the legislation does not explicitly detail offences, penalties, or civil/criminal consequences for failing to meet the requirements set out in the Act. However, it is reasonable to infer that any failure to adhere to the qualifications or duties outlined in the Act could lead to legal repercussions. These may include actions for breach of contract, disciplinary measures, or other legal consequences depending on the specific circumstances and any additional relevant laws that may apply. The absence of detailed penalties in the notifiable instrument itself suggests that more severe consequences might be addressed under broader legal frameworks or specific provisions within the Australian Securities and Investments Commission Act 2001.