Australian Securities and Investments Commission (Auditing and Assurance Standards Board—Part-time Member) Appointment (No. 1) 2024

Overview

The Australian Securities and Investments Commission (Auditing and Assurance Standards Board—Part-time Member) Appointment (No. 1) 2024 was enacted to address the need for qualified part-time members of the Auditing and Assurance Standards Board, which is crucial for maintaining high auditing and assurance standards in Australia. This notifiable instrument was introduced by the Financial Reporting Council, as mandated under subsection 236F(2) of the Australian Securities and Investments Commission Act 2001. The policy objective behind this appointment is to ensure that each appointed member meets the qualifications specified in subsection 236F(4) of the Act, thereby reinforcing the quality and integrity of financial reporting in the country. The appointments of Klynton Hankin, Jennifer Travers, and Joanne Lonergan, effective from 1 January 2025 until 30 June 2026, aim to bolster the Auditing and Assurance Standards Board's capacity to effectively govern and oversee auditing and assurance practices.

Scope and Application

The Australian Securities and Investments Commission (Auditing and Assurance Standards Board—Part-time Member) Appointment (No. 1) 2024 applies to the appointment of three individuals, Klynton Hankin, Jennifer Travers, and Joanne Lonergan, to the Auditing and Assurance Standards Board on a part-time basis. These appointments are effective from 1 January 2025 until 30 June 2026, and the appointments are made under the authority conferred by subsection 236F(2) of the Australian Securities and Investments Commission Act 2001. The appointment is contingent upon the Financial Reporting Council being satisfied that each of the individuals meets the qualifications specified in subsection 236F(4) of the Act. This legislation is confined to the Commonwealth jurisdiction and pertains specifically to the appointment process and qualifications for members of the Auditing and Assurance Standards Board. There are no exclusions, exemptions, or thresholds stated in this particular notifiable instrument, although broader regulatory frameworks may impose additional requirements or criteria.

Key Provisions

The main operative sections of this legislation (No. 1) pertain to the appointment of Klynton Hankin, Jennifer Travers, and Joanne Lonergan as part-time members of the Auditing and Assurance Standards Board. Specifically, section 1 of the notifiable instrument appoints these individuals to their respective roles, effective from 1 January 2025 until 30 June 2026. The Financial Reporting Council, acting under the authority granted by the Australian Securities and Investments Commission Act 2001, confirms the qualifications of each appointee in line with the stipulated criteria (subsections 236F(2) and 236F(4) of the Australian Securities and Investments Commission Act 2001). The Act imposes specific obligations and requirements on the appointed members, which include serving their terms diligently and adhering to the standards and guidelines set forth by the Auditing and Assurance Standards Board. Each member must ensure that their professional activities are conducted in a manner that upholds the integrity and effectiveness of the auditing and assurance standards in Australia. Additionally, the members are expected to participate in board meetings and contribute to the development and maintenance of auditing and assurance standards, reflecting their expertise and commitment to the field. There are no explicit provisions detailing offences, penalties, or civil/criminal consequences for breach in this notifiable instrument. However, by virtue of their appointment, the members are implicitly expected to comply with the standards and expectations of their roles. Any failure to meet these expectations could potentially lead to review or revocation of their appointments by the Financial Reporting Council, but the specifics of such repercussions are not detailed within this document. In summary, this notifiable instrument serves to appoint three qualified individuals to the Auditing and Assurance Standards Board on a part-time basis, outlining their terms of service and the qualifications required for their roles. The members are expected to adhere to the standards and guidelines of their positions, with the potential for their appointments to be reviewed if they fail to meet these expectations.