Australian Securities and Investments Commission (Auditing and Assurance Standards Board—Part-time Member) Appointment (No. 3) 2021

Overview

The Australian Securities and Investments Commission (Auditing and Assurance Standards Board—Part-time Member) Appointment (No. 3) 2021, enacted under the authority of the Australian Securities and Investments Commission Act 2001, aims to address the need for qualified part-time members on the Auditing and Assurance Standards Board. This notifiable instrument was introduced by the Financial Reporting Council, which appointed Tracey Barker to the Auditing and Assurance Standards Board for a specified term from 1 January 2022 to 31 December 2024. The policy objective behind this appointment is to ensure that the Auditing and Assurance Standards Board has the necessary expertise to effectively regulate auditing and assurance standards in Australia, thus contributing to the integrity and transparency of financial reporting.

Scope and Application

The Australian Securities and Investments Commission (Auditing and Assurance Standards Board—Part-time Member) Appointment (No. 3) 2021 is an instrument made under the Australian Securities and Investments Commission Act 2001. This legislation appoints Tracey Barker as a part-time member of the Auditing and Assurance Standards Board for a specified term from 1 January 2022 to 31 December 2024. The Financial Reporting Council, which has the authority to make such appointments, is satisfied that Barker is qualified as per the requirements outlined in subsection 236F(4) of the Act. The instrument outlines the appointment process and the period of service, providing a clear framework for the governance and oversight of auditing and assurance standards within Australia. The appointment is made in accordance with the legislative framework provided by the Australian Securities and Investments Commission Act 2001, ensuring that the qualifications and procedural standards are met for the appointed individual.

Key Provisions

The primary operative section of the Australian Securities and Investments Commission (Auditing and Assurance Standards Board—Part-time Member) Appointment (No. 3) 2021 (the "Instrument") is the appointment of Tracey Barker as a part-time member of the Auditing and Assurance Standards Board (AUASB) (section 1). This appointment is for the period commencing 1 January 2022 and ending 31 December 2024, with the authority stemming from subsection 236F(2) of the Australian Securities and Investments Commission Act 2001. The Financial Reporting Council, having determined that Ms. Barker is qualified for the role in accordance with subsection 236F(4) of the Act, facilitates this appointment. The obligations and requirements imposed by this Instrument primarily revolve around the qualification and appointment process of the member. The Financial Reporting Council must ensure that the appointed individual, Tracey Barker, meets the specified criteria under the Australian Securities and Investments Commission Act 2001. This includes verifying her qualifications and suitability for the role of part-time member of the AUASB. Additionally, the Instrument necessitates that the appointment be made within the specified timeframe, ensuring continuity and functionality within the AUASB during the term of the appointment. In terms of legal consequences, the Instrument does not explicitly outline specific offences, penalties, or consequences for breach. However, any failure to adhere to the stipulated qualification requirements or improper conduct while serving as a part-time member of the AUASB may potentially lead to broader legal repercussions under the Australian Securities and Investments Commission Act 2001. This could include potential disciplinary action, removal from office, or other legal consequences as deemed appropriate by the relevant authorities. Overall, the Instrument provides a clear framework for the appointment of Tracey Barker as a part-time member of the AUASB, ensuring that the individual is suitably qualified and that the appointment process complies with the necessary legislative requirements. This structured approach aims to maintain the integrity and effectiveness of the AUASB in overseeing auditing and assurance standards in Australia.