Australian Securities and Investments Commission (Companies Auditors Disciplinary Board—Part-time Member) Appointment (No. 2) 2023

Overview

The Australian Securities and Investments Commission (Companies Auditors Disciplinary Board—Part-time Member) Appointment (No. 2) 2023, enacted by the Parliament of Australia, aims to address the need for a part-time business member within the Companies Auditors Disciplinary Board. This legislation was introduced to ensure the board has the appropriate expertise to effectively oversee the conduct and discipline of auditors in the financial sector. By appointing Angela Pearsall as a part-time business member, the government seeks to enhance the board's capacity to handle disciplinary matters with a practical understanding of business operations. The policy objective, as outlined in the instrument, is to maintain and improve the integrity and competence of the auditing profession, thereby protecting the interests of investors and the public.

Scope and Application

The Australian Securities and Investments Commission (Companies Auditors Disciplinary Board—Part-time Member) Appointment (No. 2) 2023 Instrument pertains to the appointment of Angela Pearsall as a part-time member of the Companies Auditors Disciplinary Board, under the authority of the Australian Securities and Investments Commission Act 2001. This appointment is made by Stephen Jones, the Assistant Treasurer and Minister for Financial Services, and is effective for a period of three years commencing on the day following the registration of this instrument on the Federal Register of Legislation. The instrument specifically targets the eligibility criteria outlined in subsection 203(2A) of the Australian Securities and Investments Commission Act 2001, ensuring that the appointee meets the necessary qualifications to serve on the disciplinary board. The legislation applies directly to Angela Pearsall and the Companies Auditors Disciplinary Board, and it operates within the jurisdictional reach of the Commonwealth of Australia. There are no exclusions or exemptions specified in the text of the instrument itself, although the overarching legislation may provide additional context regarding any such provisions. The application and interpretation of this instrument may be further refined through subordinate instruments, which could provide detailed guidelines or clarifications on the roles and responsibilities of the part-time member.

Key Provisions

The key operative section of this legislation (section 1) is the appointment of Angela Pearsall as a part-time member of the Companies Auditors Disciplinary Board by Stephen Jones, the Assistant Treasurer and Minister for Financial Services. This appointment is made under section 203 of the Australian Securities and Investments Commission Act 2001, and it is effective from the day after the instrument is registered on the Federal Register of Legislation. Angela Pearsall is appointed as a business member, and her role will last for three years. This appointment is based on the eligibility criteria outlined in subsection 203(2A) of the Act. The Act imposes certain obligations and requirements on Angela Pearsall, the new part-time member of the Companies Auditors Disciplinary Board. As a business member, Angela will be expected to bring her expertise and experience in business to the board, ensuring that the board can effectively carry out its functions. This includes participating in hearings and decision-making processes related to disciplinary actions against auditors. Furthermore, she will need to adhere to the code of conduct for members of the board and maintain her independence and impartiality while performing her duties. Breaches of the obligations and requirements outlined in the legislation may have legal consequences for Angela Pearsall and the Companies Auditors Disciplinary Board. Under the Australian Securities and Investments Commission Act 2001, failure to adhere to the code of conduct or act in a manner that is not in the best interest of the board may result in disciplinary action being taken against the member. In more severe cases, this could lead to removal from office. Additionally, any failure to perform the duties of the role as required by the Act may result in civil or criminal liability for Angela Pearsall. While specific penalties are not outlined in the text, the potential consequences could include fines or imprisonment, depending on the severity of the breach. In summary, this legislation appoints Angela Pearsall as a part-time business member of the Companies Auditors Disciplinary Board for a period of three years. It outlines her obligations and requirements, including adhering to the code of conduct and maintaining independence and impartiality in her role. Breaches of these obligations and requirements may result in disciplinary action, removal from office, or civil and criminal liability, depending on the severity of the breach.