Australian Securities and Investments Commission (Companies Auditors Disciplinary Board—Part-time Member) Appointment (No. 3) 2023

Overview

The Australian Securities and Investments Commission (Companies Auditors Disciplinary Board—Part-time Member) Appointment (No. 3) 2023I, enacted by Stephen Jones, Assistant Treasurer and Minister for Financial Services, under section 203 of the Australian Securities and Investments Commission Act 2001, addresses the need to appoint eligible part-time members to the Companies Auditors Disciplinary Board. This instrument appoints Adeline Hiew as a business member of the board on a part-time basis for a period of one year, starting the day after the instrument is registered on the Federal Register of Legislation. The policy objective is to ensure that the board, which is responsible for disciplining auditors of companies, is comprised of members with appropriate skills and expertise, thereby upholding the integrity and effectiveness of the regulatory framework governing company auditors in Australia.

Scope and Application

The Australian Securities and Investments Commission (Companies Auditors Disciplinary Board—Part-time Member) Appointment (No. 3) 2023 applies specifically to the appointment of Adeline Hiew as a part-time business member of the Companies Auditors Disciplinary Board. 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. The appointment is for a period of one year, subject to the eligibility criteria specified in subsection 203(2A) of the Act. This legislation operates within the Commonwealth jurisdiction, impacting the operations and governance of the Companies Auditors Disciplinary Board, which plays a critical role in overseeing the conduct and competence of company auditors. The instrument extends the authority of the Assistant Treasurer and Minister for Financial Services to make such appointments, ensuring the Board's composition aligns with legislative requirements.

Key Provisions

The Australian Securities and Investments Commission (Companies Auditors Disciplinary Board—Part-time Member) Appointment (No. 3) 2023I, dated 9 October 2023, appoints Adeline Hiew as a business member of the Companies Auditors Disciplinary Board on a part-time basis. The appointment is valid for a period of one year, commencing on the day after the instrument is registered on the Federal Register of Legislation. The appointment is made under section 203 of the Australian Securities and Investments Commission Act 2001, with the Assistant Treasurer and Minister for Financial Services, Stephen Jones, confirming that Ms Hiew meets the eligibility criteria specified in subsection 203(2A) of the Act. Under the Act, Adeline Hiew, as a part-time member of the Companies Auditors Disciplinary Board, will be required to participate in the disciplinary processes related to auditors of companies, ensuring that the interests of the business community are represented. The Board’s primary role is to oversee the conduct of auditors and to take disciplinary action where necessary, ensuring that auditors adhere to the professional standards and regulatory requirements. As a part-time member, Ms Hiew will be expected to dedicate a portion of her professional time to these duties, contributing to the Board’s decisions on disciplinary matters. The Act imposes specific obligations on Ms Hiew and other members of the Board. These include maintaining confidentiality of sensitive information, participating in hearings and deliberations in a timely manner, and adhering to the ethical standards and professional conduct expected of Board members. The obligations also encompass ensuring that decisions are made fairly and impartially, reflecting the Board’s commitment to upholding the integrity of the auditing profession. Failure to comply with the requirements of the Act, including neglecting duties or breaching confidentiality, may result in sanctions. Although the specific penalties are not detailed in the instrument itself, under the Australian Securities and Investments Commission Act 2001, individuals found in breach of their obligations may face disciplinary actions, including removal from office. Additionally, if the breach involves criminal conduct, there may be criminal penalties imposed, which could include fines or imprisonment, depending on the severity of the breach. The exact penalties would be determined in accordance with the broader provisions of the Act and applicable law.