Australian Securities and Investments Commission (Auditing and Assurance Standards Board—Part-time Member) Appointment (No. 2) 2025

Overview

The Australian Securities and Investments Commission (Auditing and Assurance Standards Board—Part-time Member) Appointment (No. 2) 2025 was enacted to address the need for qualified part-time members on the Auditing and Assurance Standards Board (AASB). This notifiable instrument was issued by the Financial Reporting Council under subsection 236F(2) of the Australian Securities and Investments Commission Act 2001. The Council's decision to appoint Graeme Pinfold as a part-time member of the AASB, effective from 1 September 2025 until 30 June 2026, reflects the legislative intent to ensure the AASB is staffed with individuals who meet the qualifications outlined in subsection 236F(4) of the Act, thereby maintaining the quality and integrity of auditing and assurance standards within Australia. The appointment aims to bolster the AASB's capacity to uphold robust financial reporting standards, thereby fostering investor confidence and protecting the public interest in the financial markets.

Scope and Application

The Australian Securities and Investments Commission (Auditing and Assurance Standards Board—Part-time Member) Appointment (No. 2) 2025 applies to the appointment of Graeme Pinfold as a part-time member of the Auditing and Assurance Standards Board, effective from 1 September 2025 until 30 June 2026. The Act specifies that Graeme Pinfold must be qualified for the position as outlined in subsection 236F(4) of the Australian Securities and Investments Commission Act 2001, and the appointment is made by the Financial Reporting Council. This appointment is specific to Graeme Pinfold and his role within the Auditing and Assurance Standards Board, and it does not extend to any other individuals or entities. The jurisdiction of this Act is governed by the Commonwealth of Australia, aligning with the legislative framework established by the Australian Securities and Investments Commission Act 2001. This Act does not specify any exclusions, exemptions, or thresholds relevant to the appointment itself, but it does rely on the broader criteria for qualification as set out in the parent Act. Any further regulations or requirements pertaining to the role of the part-time member would be subject to the provisions of the Australian Securities and Investments Commission Act 2001.

Key Provisions

The main operative sections of the Australian Securities and Investments Commission (Auditing and Assurance Standards Board—Part-time Member) Appointment (No. 2) 2025 include the formal appointment of Graeme Pinfold as a part-time member of the Auditing and Assurance Standards Board, effective from 1 September 2025 until 30 June 2026. The Financial Reporting Council's satisfaction that Graeme Pinfold is qualified for this appointment, as stipulated in subsection 236F(2) of the Australian Securities and Investments Commission Act 2001, underpins this decision. This qualification is further confirmed under subsection 236F(4) of the same Act, ensuring that Graeme Pinfold meets the necessary criteria for his role. The Act imposes specific obligations on Graeme Pinfold as a part-time member of the Auditing and Assurance Standards Board. His role will require him to participate in the formulation and review of auditing and assurance standards, ensuring they meet the regulatory requirements and maintain high professional standards within the financial sector. He will be expected to collaborate with other board members, contribute to the development of standards, and participate in relevant meetings and discussions. Additionally, Graeme Pinfold must adhere to the ethical standards and conflicts of interest provisions set out in the Australian Securities and Investments Commission Act 2001. Failure to comply with the obligations and requirements of the Act may lead to various consequences. Although specific offences and penalties are not detailed in the Notifiable instrument itself, breaches of the Australian Securities and Investments Commission Act 2001, under which Graeme Pinfold's role operates, can result in significant penalties. For example, breaches of the Act can lead to criminal charges, with penalties that include fines up to $210,000 for individuals and more for corporations. Additionally, civil penalties may apply, including pecuniary penalties of up to $2.1 million for serious breaches. The Act also allows for the imposition of court orders that could restrict or prohibit future appointments to positions of significance in financial regulation.