Australian Securities and Investments Commission (Companies Auditors Disciplinary Board – Part-time Member) Appointments (No. 1) 2024

Overview

The Australian Securities and Investments Commission (Companies Auditors Disciplinary Board – Part-time Member) Appointments (No. 1) 2024 was enacted in 2024 to address the need for part-time members on the Companies Auditors Disciplinary Board within the Australian Securities and Investments Commission (ASIC). This instrument was introduced to fill specific vacancies and to ensure the Board's continued effective functioning by appointing eligible individuals as part-time members for a period of three years. The policy objective, as stated, is to maintain the Board's capacity to review and discipline auditors effectively, thereby upholding the integrity of financial reporting and protecting investor interests. The appointments were made by Stephen Jones, the Assistant Treasurer and Minister for Financial Services, under section 203 of the Australian Securities and Investments Commission Act 2001.

Scope and Application

The Australian Securities and Investments Commission (Companies Auditors Disciplinary Board – Part-time Member) Appointments (No. 1) 2024I, made under section 203 of the Australian Securities and Investments Commission Act 2001, appoints specific individuals to serve as part-time members of the Companies Auditors Disciplinary Board. This legislation applies to the individuals named—Tony Brain, Michael Bray, Matthew Green, Julie Williams, Ann-Maree Robertson, and Adeline Choon-Li Hiew—each of whom has been appointed on a part-time basis to serve for a three-year term. The appointments are structured such that Tony Brain, Michael Bray, Matthew Green, and Julie Williams commence their terms on 21 October 2024, while Ann-Maree Robertson starts on 18 February 2025. Adeline Choon-Li Hiew also commences her part-time role on 21 October 2024. This appointment process is overseen by Stephen Jones, the Assistant Treasurer and Minister for Financial Services, who ensures that each appointee meets the eligibility criteria specified under subsection 203(1B) and subsection 203(2A) of the Act. The appointments are subject to the broader regulatory framework provided by the Australian Securities and Investments Commission Act 2001, which governs the oversight and discipline of company auditors in Australia.

Key Provisions

The Australian Securities and Investments Commission (Companies Auditors Disciplinary Board – Part-time Member) Appointments (No. 1) 2024 Instrument (F2024N00962) primarily addresses the appointment of individuals to the Companies Auditors Disciplinary Board (CADB) on a part-time basis. Under section 2 of the Instrument, Tony Brain, Michael Bray, Matthew Green, and Julie Williams are appointed as accounting members of the CADB for three years beginning 21 October 2024, while Ann-Maree Robertson is appointed as an accounting member for the same period starting on 18 February 2025 (sections 2(1) and 2(2)). Furthermore, Adeline Choon-Li Hiew is appointed as a business member of the CADB for a three-year term commencing on 21 October 2024 (section 2(3)). These appointments are made by the Assistant Treasurer and Minister for Financial Services, Stephen Jones, who is satisfied that each individual is eligible under the relevant subsections of the Australian Securities and Investments Commission Act 2001. The Act imposes several obligations and requirements on the newly appointed members of the CADB. Firstly, these members are expected to discharge their duties with due care and diligence, ensuring that they uphold the standards of the CADB in their respective roles (section 203(1B) and (2A) of the Australian Securities and Investments Commission Act 2001). They are also required to comply with the Board’s rules and procedures, participate in hearings and deliberations, and maintain confidentiality where necessary. Furthermore, the appointees must act independently and without bias, ensuring that their decisions are fair and impartial. In the event of a breach of the terms of their appointment, the appointed members may face various consequences. While the specific penalties for non-compliance are not detailed within the Instrument itself, breaches of the Australian Securities and Investments Commission Act 2001 can result in civil or criminal penalties, including fines and imprisonment. For instance, individuals found guilty of misconduct or failing to act in accordance with their statutory duties could be subject to fines up to $210,000 for individuals and $1.05 million for bodies corporate, as stipulated under section 1311A of the Corporations Act 2001. Additionally, serious breaches could lead to disqualification from managing corporations, further underscoring the importance of adherence to the CADB's obligations.