Finance Regulations 1993 No. 381
EXPLANATORY STATEMENT
Statutory Rules 1993 No. 381
Issued by the authority of the Minister for Finance
Audit Act 1901
Finance Regulations
The Finance Regulations, in regulation 6A, declares certain bodies to be prescribed authorities for the purposes of the Act. As prescribed authorities, they are covered by the definitions of "Department" in section 2 of the Act, subregulation 4(1) of the Finance Regulations and regulation 2 of the Finance (Overseas) Regulations.
As a prescribed authority the Tribunal will be subject to the Act and its subsidiary legislation in its own right. That is, it will conduct its own financial administration independently of the Department of the Minister to which it is responsible. It is appropriate that the Tribunal have such independence.
Regulation 1 provides that the regulations commence on 1 January 1994.
Regulation 2 provides that the proposed regulations amend the Finance Regulations (the Regulations).
Regulation 3 amends subregulation 6A(1) to add the National Native Title Tribunal as a prescribed authority.
Overview
The Finance Regulations 1993, established under the authority of the Minister for Finance, were enacted to address the need for specific financial governance frameworks within prescribed authorities. The 1993 regulations introduced an amendment via Statutory Rules 1993 No. 381, adding the National Native Title Tribunal as a prescribed authority under the Audit Act 1901. This amendment was designed to ensure that such bodies conduct their financial administration independently from the relevant Department, thereby promoting accountability and efficiency within these entities. The primary objective of these regulations is to streamline financial operations and audits within prescribed authorities, facilitating their ability to manage their finances autonomously while still adhering to the overarching financial oversight provided by the Audit Act 1901.
Scope and Application
The Finance Regulations 1993, as amended, govern the financial administration of various prescribed authorities under the Audit Act 1901. These regulations are applicable to specific entities, such as the National Native Title Tribunal, which are declared as prescribed authorities. As a prescribed authority, the National Native Title Tribunal is subject to the provisions of the Audit Act and its subsidiary legislation, ensuring that it conducts its financial administration independently of the relevant Department. This independence is deemed necessary to maintain the integrity and effectiveness of the Tribunal's financial operations. The regulations came into effect on 1 January 1994 and have since been updated to include amendments such as the addition of the National Native Title Tribunal as a prescribed authority under regulation 3. The scope of these regulations extends to providing a framework for the financial accountability and audit of these authorities, ensuring compliance with national standards and practices.
Key Provisions
The key operative sections of the Finance Regulations, specifically regulation 6A, identify certain bodies as prescribed authorities under the Audit Act 1901 (section 2). Regulation 6A(1) names these prescribed authorities, which now include the National Native Title Tribunal as per the amendment made by regulation 3. These prescribed authorities are considered as "Departments" under the Act, as defined in subregulation 4(1) and regulation 2 of the Finance (Overseas) Regulations. This means that the specified bodies, including the National Native Title Tribunal, are required to operate independently in their financial administration, separate from the Department of the Minister to which they are accountable.
The obligations and requirements imposed by these regulations on prescribed authorities, such as the National Native Title Tribunal, include conducting their own financial administration independently. This independence ensures that the prescribed authorities manage their finances without undue influence or interference from other departments. This autonomy is critical for maintaining the integrity and objectivity of the prescribed authorities in their respective roles. Additionally, as prescribed authorities, these bodies must comply with all provisions of the Audit Act 1901 and its subsidiary legislation, ensuring that their financial practices meet the required standards and are subject to audit and oversight.
Breaching the obligations outlined in the Finance Regulations can lead to significant consequences. While the specific offences, penalties, and consequences are not detailed in the provided excerpt, it is known that non-compliance with the Audit Act 1901 and its regulations can result in civil or criminal penalties. Typically, breaches may lead to fines, imprisonment, or both, depending on the severity and nature of the violation. The exact penalties are usually specified in the relevant sections of the Audit Act or other related legislation, which may impose maximum penalties for various offences. It is essential for prescribed authorities to adhere to the regulations to avoid these potential consequences.