Australian Securities and Investments Commission (Auditing and Assurance Standards Board—Part-time Members) Appointment (No. 1) 2025

Overview

The Australian Securities and Investments Commission (Auditing and Assurance Standards Board—Part-time Members) Appointment (No. 1) 2025, enacted on 17 September 2025, was introduced to address the need for qualified part-time members on the Auditing and Assurance Standards Board. This notifiable instrument was created under the authority of the Australian Securities and Investments Commission Act 2001. It was issued by the Financial Reporting Council, ensuring that each appointed member meets the qualifications stipulated in the Act. The policy objective is to enhance the governance and oversight of auditing and assurance standards by appointing qualified individuals to the Board on a part-time basis. This arrangement provides the necessary expertise and flexibility to address the evolving needs of the financial sector, ensuring robust and reliable auditing practices.

Scope and Application

The Australian Securities and Investments Commission (Auditing and Assurance Standards Board—Part-time Members) Appointment (No. 1) 2025 applies to the individuals appointed as part-time members of the Auditing and Assurance Standards Board. The legislation confirms the appointments of Andrew Porter, Chi Woo, Terence Jeyaretnam, and Jason Thorne for the specified period, ensuring their eligibility under the Australian Securities and Investments Commission Act 2001. This notifiable instrument is made under the authority of the Financial Reporting Council, and the appointments are effective from 1 January 2026 until 30 June 2026. The legislation does not specify any exclusions, exemptions, or thresholds beyond the eligibility criteria outlined in the parent act. The appointments are limited to the specified individuals and the designated period, with no indication of broader application to other entities, industries, or conduct. The geographic or jurisdictional reach of this legislation is aligned with the national scope of the Australian Securities and Investments Commission Act 2001.

Key Provisions

The Australian Securities and Investments Commission (Auditing and Assurance Standards Board—Part-time Members) Appointment (No. 1) 2025 establishes the appointment of four individuals to the Auditing and Assurance Standards Board (AASB). Specifically, Section 1 of the legislation appoints Andrew Porter, Chi Woo, Terence Jeyaretnam, and Jason Thorne as part-time members of the AASB for the period starting on 1 January 2026 and ending on 30 June 2026. These appointments are made under the authority provided by subsection 236F(2) of the Australian Securities and Investments Commission Act 2001, contingent on the Financial Reporting Council being satisfied that each appointee meets the qualifications outlined in subsection 236F(4) of the same Act. The obligations and requirements imposed by this legislation are primarily centred around the appointment and qualifications of the appointed members. The Financial Reporting Council, as the appointing authority, must ensure that each individual meets the stipulated qualifications before making the appointments. The appointees, once in position, are expected to adhere to the responsibilities and duties inherent in their roles on the AASB, which typically involves contributing to the development and maintenance of auditing and assurance standards in Australia. Breaches of the conditions or obligations set out in this legislation may not explicitly state specific offences or penalties within the text of the notifiable instrument itself. However, any actions that contravene the requirements of the Australian Securities and Investments Commission Act 2001 could potentially lead to civil or criminal consequences. Such consequences might include fines, imprisonment, or other penalties as prescribed under the broader legislative framework of the ASIC Act, depending on the nature and severity of the breach. The exact penalties would be determined by the courts based on the specifics of the offence committed.