Companies Auditors Disciplinary Board (Member) Appointment (No. 2) 2022

Overview

The Companies Auditors Disciplinary Board (Member) Appointment (No. 2) 2022 instrument, enacted on 16 February 2022 by Michael Sukkar, Assistant Treasurer and Minister for Housing, Homelessness, Social and Community Housing, is an instrument designed to address the need for specific expertise within the Companies Auditors Disciplinary Board. This legislation is an administrative measure introduced under section 203 of the Australian Securities and Investments Commission Act 2001, ensuring the appointment of an eligible individual to the board. The policy objective of this instrument is to bolster the board’s capacity by appointing Ann-Maree Robertson as an accounting member on a part-time basis for a period of three years, enhancing the board's ability to effectively manage disciplinary matters related to company auditors. The appointment aims to maintain high standards of professional conduct and discipline within the auditing profession, thereby contributing to the integrity and stability of the financial markets.

Scope and Application

The Companies Auditors Disciplinary Board (Member) Appointment (No. 2) 2022 instrument appoints Ann-Maree Robertson as an accounting member of the Companies Auditors Disciplinary Board on a part-time basis for a period of three years, commencing from 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, by Michael Sukkar, who holds the positions of Assistant Treasurer, Minister for Housing, and Minister for Homelessness, Social and Community Housing. The Act applies to Ann-Maree Robertson as an individual, and the scope of her role pertains to the disciplinary oversight of company auditors within Australia. The jurisdiction of this appointment is at the Commonwealth level, impacting the national regulatory framework for auditing and disciplinary actions within the corporate sector. There are no stated exclusions, exemptions, or specific thresholds in this instrument, but it is noted that the appointment is contingent on her eligibility as defined by subsection 203(1B) of the Act. Additionally, the Act may be extended or have its application restricted through subordinate instruments, though such details are not specified in this particular legislative instrument.

Key Provisions

The Companies Auditors Disciplinary Board (Member) Appointment (No. 2) 2022 (the "Instrument") appoints Ann-Maree Robertson as an accounting member of the Companies Auditors Disciplinary Board (CADB) on a part-time basis for a period of three years (section 1). This appointment is made under the authority provided by section 203 of the Australian Securities and Investments Commission Act 2001 (the "Act"). The eligibility of Ms. Robertson for this appointment is confirmed by the Assistant Treasurer and relevant Ministers, who are satisfied that she meets the requirements under subsection 203(1B) of the Act (section 1). The Act imposes several obligations on the CADB and its members. These include conducting inquiries into the conduct, competence, or performance of auditors and making recommendations to the Australian Securities and Investments Commission (ASIC) regarding disciplinary actions. Members of the CADB are expected to perform their duties with impartiality and in accordance with the law, ensuring that the disciplinary process is fair and just (sections 176 and 177 of the Act). Breaching these obligations could lead to disciplinary action against the member, potentially including removal from office. Under the Act, serious misconduct by a member of the CADB may result in their removal from office by ASIC. Additionally, any person who provides false or misleading information to the CADB or interferes with its processes can face criminal penalties, including fines and imprisonment (section 180 of the Act). The maximum penalty for providing false or misleading information can be up to five years imprisonment, while the penalty for interfering with the CADB's processes can be up to two years imprisonment (sections 1300 and 1301 of the Act). These provisions ensure that the integrity and effectiveness of the disciplinary process for auditors are maintained.