Australian Securities and Investments Commission (Companies Auditors Disciplinary Board—Part-time Member) Appointment (No. 4) 2023

Overview

The Australian Securities and Investments Commission (Companies Auditors Disciplinary Board—Part-time Member) Appointment (No. 4) 2023 instrument, enacted on 9 October 2023, appoints Tony Brain as an accounting member of the Companies Auditors Disciplinary Board on a part-time basis. This appointment was made by Stephen Jones, the Assistant Treasurer and Minister for Financial Services, in accordance with section 203 of the Australian Securities and Investments Commission Act 2001. The purpose of this appointment is to address a gap in the part-time membership of the disciplinary board, ensuring that the board has the necessary expertise to effectively review and discipline auditors as required. The policy objective is to maintain and enhance the integrity and effectiveness of the auditing profession within the Australian financial sector.

Scope and Application

The Australian Securities and Investments Commission (Companies Auditors Disciplinary Board—Part-time Member) Appointment (No. 4) 2023 instrument appoints Tony Brain as an accounting member of the Companies Auditors Disciplinary Board on a part-time basis for a period of one year. The instrument is issued under section 203 of the Australian Securities and Investments Commission Act 2001 by Stephen Jones, the Assistant Treasurer and Minister for Financial Services, who is satisfied that Mr. Brain is eligible for appointment as stipulated in subsection 203(1B) of the Act. This legislation pertains specifically to the appointment of part-time members to the Companies Auditors Disciplinary Board, and its jurisdictional reach is aligned with the Commonwealth's regulatory framework. The Act does not explicitly detail exclusions, exemptions, or thresholds, but the eligibility criteria for part-time members are outlined within the Australian Securities and Investments Commission Act 2001. This instrument is a notifiable instrument, and while it directly appoints Tony Brain, the broader application and enforcement of related provisions may be extended or specified through subordinate instruments as necessary.

Key Provisions

The legislation, F2023N00450, focuses on the appointment of a part-time member to the Companies Auditors Disciplinary Board (CADB) under the Australian Securities and Investments Commission Act 2001 (Cth). Specifically, section 1 of the instrument appoints Tony Brain as an accounting member of the CADB for a term of one year. This appointment follows the Assistant Treasurer and Minister for Financial Services, Stephen Jones, being satisfied that Mr. Brain meets the eligibility criteria set out in subsection 203(1B) of the Act (section 1). The appointment will commence on the day after the instrument is registered on the Federal Register of Legislation (section 1). In terms of the obligations and requirements imposed by the Act, the legislation mandates that the appointed member must fulfil the role of an accounting member of the CADB. This entails participating in disciplinary proceedings concerning auditors, ensuring compliance with auditing standards, and contributing to decisions that maintain the integrity of the financial reporting system. The appointee is expected to dedicate sufficient time and effort to the duties of the position, consistent with the part-time nature of the appointment (section 1). The legislation does not explicitly outline specific offences, penalties, or consequences for breach within the instrument itself. However, the broader framework of the Australian Securities and Investments Commission Act 2001 (Cth) suggests that any failure to comply with the duties or obligations of a CADB member could potentially lead to disciplinary action or other legal consequences. The specific penalties for such breaches would depend on the nature and severity of the misconduct, as governed by the overarching provisions of the Act and any relevant regulations or guidelines.