Australian Securities and Investments Commission (Companies Auditors Disciplinary Board—Part-time Chairperson) Appointment (No. 1) 2023

Overview

The Australian Securities and Investments Commission (Companies Auditors Disciplinary Board—Part-time Chairperson) Appointment (No. 1) 2023 Instrument was enacted in 2023 to address the need for a qualified and experienced part-time Chairperson for the Companies Auditors Disciplinary Board. This appointment is pursuant to section 203 of the Australian Securities and Investments Commission Act 2001. The policy objective behind this appointment is to ensure that the Companies Auditors Disciplinary Board has the leadership necessary to effectively carry out its functions, which include reviewing complaints about the performance of auditors and taking disciplinary action where necessary. The instrument was made by Stephen Jones, the Assistant Treasurer and Minister for Financial Services, who was satisfied that Maria McCosrin is eligible for appointment under subsection 203(2) of the Act. Her role as the part-time Chairperson is set to commence on 4 March 2023 and will conclude on 3 March 2024, providing stability and continuity to the disciplinary board during this period. This appointment aims to uphold the integrity and effectiveness of the regulatory framework governing auditors in Australia.

Scope and Application

The Australian Securities and Investments Commission (Companies Auditors Disciplinary Board—Part-time Chairperson) Appointment (No. 1) 2023 applies to the appointment of Maria McCrossin as the part-time Chairperson of the Companies Auditors Disciplinary Board, a body constituted under the Australian Securities and Investments Commission Act 2001. The Act specifies that Maria McCrossin is eligible for the appointment based on the criteria outlined in subsection 203(2) of the primary Act. This appointment is limited to a specific period, from 4 March 2023 until 3 March 2024, and is made by Stephen Jones, the Assistant Treasurer and Minister for Financial Services, exercising powers under section 203 of the Australian Securities and Investments Commission Act 2001. The geographic or jurisdictional reach of this notifiable instrument is aligned with the national scope of the Australian Securities and Investments Commission Act 2001, which operates across the Commonwealth of Australia, including its states and territories. The instrument does not explicitly state any exclusions, exemptions, or thresholds beyond the eligibility criteria for appointment. The application of this notifiable instrument may be further detailed or refined through subordinate instruments issued under the authority of the primary Act.

Key Provisions

The main operative sections of this notifiable instrument, F2023N00042, pertain to the appointment of Maria McCrossin as the part-time Chairperson of the Companies Auditors Disciplinary Board (CADB). This appointment is pursuant to section 203 of the Australian Securities and Investments Commission Act 2001, and it stipulates that Maria McCrossin will hold this position from 4 March 2023 until 3 March 2024 (section 1). The instrument is dated 25 February 2023 and is signed by Stephen Jones, who is the Assistant Treasurer and Minister for Financial Services (section 2). In terms of obligations and requirements, the Act imposes several duties on the newly appointed Chairperson. Firstly, the Chairperson is expected to provide leadership and oversight to the CADB, ensuring that it operates effectively and efficiently. They are also responsible for ensuring that the Board's decisions are made in accordance with the law and that the processes of the Board are fair and transparent. Furthermore, the Chairperson must maintain the independence and integrity of the Board, avoiding any conflicts of interest and ensuring that the Board's decisions are not influenced by any external factors. The notifiable instrument does not explicitly outline specific offences, penalties, or consequences for breach. However, by virtue of her role, Maria McCrossin is subject to the general legal and ethical obligations that govern the conduct of public officers in Australia. Any breach of these obligations, such as a failure to avoid conflicts of interest or a failure to act in the public interest, could result in disciplinary action or legal proceedings. The maximum penalties for such breaches would depend on the specific nature of the breach and the jurisdiction in which it occurred. In summary, this notifiable instrument serves to appoint Maria McCrossin as the part-time Chairperson of the CADB for a specified period, imposing upon her a range of responsibilities and obligations related to the effective and ethical governance of the Board. While the instrument itself does not detail specific penalties for breaches, any failure to adhere to the legal and ethical standards expected of public officers could have significant consequences.