Finance Regulations (Amendment)

Overview

The Statutory Rules No. 209 of 1984, issued under the authority of the Minister for Finance, amend Finance Regulation 6A, which was enacted under the Audit Act 1901. This legislative change identifies the Curriculum Development Centre and the National Crime Authority as "prescribed authorities" within the context of the Audit Act 1901. By doing so, it ensures these entities are subject to the provisions of the Audit Act and the Finance Regulations, thereby removing their dependency on financial control by a Department of State. This amendment was made to address the need for these specific authorities to operate under a defined set of auditing and financial regulations, ensuring accountability and compliance with the standards set forth by the Audit Act 1901.

Scope and Application

The Statutory Rules issued under the authority of the Minister for Finance modify Finance Regulation 6A, which was originally enacted pursuant to subsection 71(1) of the Audit Act 1901. The amendment specifically identifies the Curriculum Development Centre and the National Crime Authority as "prescribed authorities" within the context of the Audit Act 1901. This designation brings these entities within the purview of the Act, treating them as equivalent to "Departments" as defined in section 2 of the Audit Act 1901 and sub-regulation 4(1) of the Finance Regulations. Consequently, both the Curriculum Development Centre and the National Crime Authority are subject to the provisions of the Audit Act 1901 and the Finance Regulations, operating independently of the financial control exerted by a Department of State. These regulations thereby extend their applicability to these specific authorities, ensuring they comply with the same auditing and financial oversight as other governmental departments.

Key Provisions

The main operative sections of the Statutory Rules (No. 209 of 1984) pertain to the amendments of Finance Regulation 6A under the Audit Act 1901. Specifically, section 2 of the Act now includes the Curriculum Development Centre and the National Crime Authority as "prescribed authorities" (section 1(1)). These authorities, by virtue of this inclusion, are deemed to be departments for the purposes of the Audit Act and the Finance Regulations, irrespective of whether they are under the financial control of a Department of State (section 2(1)). This amendment means that these two authorities are now subject to the same auditing and financial controls as other departments specified under the Act. The obligations and requirements imposed on the Curriculum Development Centre and the National Crime Authority by these Statutory Rules are significant. As prescribed authorities, they must adhere to the same auditing standards and financial reporting requirements as other departments under the Audit Act 1901. This includes maintaining proper accounting records, submitting financial statements, and ensuring compliance with any other relevant regulations set forth by the Finance Regulations. Essentially, these authorities are expected to operate with the same level of financial transparency and accountability as other government departments. The Statutory Rules also delineate the consequences for non-compliance with the amended Finance Regulation 6A. While the specific penalties for breaches are not explicitly stated in the Explanatory Statement, it is implied that any failure to comply with the requirements of the Audit Act 1901 and the Finance Regulations could lead to civil or criminal penalties. These penalties could include fines or other sanctions as prescribed by the relevant laws. Given the serious nature of financial mismanagement in public offices, the penalties are likely to be substantial, reflecting the importance of maintaining integrity in public financial management. In summary, the Statutory Rules (No. 209 of 1984) amend Finance Regulation 6A under the Audit Act 1901 to include the Curriculum Development Centre and the National Crime Authority as prescribed authorities. These authorities are now subject to the same auditing and financial regulations as other departments, with a clear obligation to maintain proper financial records and comply with the relevant laws. Failure to meet these obligations could result in significant penalties, reinforcing the importance of adherence to financial governance standards.