London Account Regulations (Repeal)

Overview

The Statutory Rules of 1956, numbered No. 18, represent a regulation enacted under the Audit Act 1901-1955, a significant legislative instrument made by the Governor-General in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council. This regulation, dated 18 January 1956, is a response to the need for updated and consolidated financial regulations, specifically addressing the outdated London Account Regulations. The policy objective of this legislative instrument is to streamline and modernise the regulatory framework governing financial audits and reporting within the Commonwealth, ensuring compliance with contemporary standards and practices. The regulation repeals the London Account Regulations, which were previously codified in Statutory Rules 1926, No. 186; Statutory Rules 1930, No. 74; and Statutory Rules 1931, No. 39, thereby eliminating outdated and redundant provisions. This repeal is aimed at ensuring that the financial regulations remain relevant and effective in managing the Commonwealth's financial affairs. The regulation was signed by W. J. Slim, the Governor-General, and A. W. Fadden, the Treasurer, highlighting the collaborative effort between the executive and legislative branches of the government.

Scope and Application

The Regulation under the Audit Act 1901-1955, made by the Governor-General in accordance with the Federal Executive Council's advice, pertains to the repeal of the London Account Regulations. These regulations, previously established through Statutory Rules 1926, No. 186; Statutory Rules 1930, No. 74; and Statutory Rules 1931, No. 39, have been rendered obsolete by this legislative action. This repeal signifies a shift in the administrative and regulatory framework concerning the financial accounts managed in London, which were previously governed by these specific rules. The application of this regulation is broad, encompassing any entity or individual previously subject to the London Account Regulations within the Commonwealth of Australia. Notably, this regulation does not introduce new provisions or alter existing legislative principles but serves to streamline and update the regulatory landscape by removing outdated regulations. The repeal is effective from the date of notification in the Commonwealth Gazette, ensuring that all pertinent stakeholders are informed and can adjust their practices accordingly.

Key Provisions

The regulation made under the Audit Act 1901-1955 primarily serves to repeal the London Account Regulations (sections 1 and 2). These regulations, which had been established through Statutory Rules 1926, No. 186; Statutory Rules 1930, No. 74; and Statutory Rules 1931, No. 39, are now rescinded as of the date of this legislation. The repeal indicates a shift in how financial and audit matters related to the London Account are to be governed henceforth, removing the previous statutory framework. Entities and individuals who were previously governed by the London Account Regulations must now comply with any new regulations or statutes that may replace them. This repeal necessitates an adjustment in practices and possibly the establishment of new procedures or standards that align with current legislative intent and practices. Compliance with the Audit Act 1901-1955 will continue to be essential, although the specifics of compliance may now differ due to the repeal. The regulation does not explicitly outline new obligations or requirements but implies that entities subject to audit under the Audit Act must now adhere to any new or amended regulations that may be introduced. It is crucial for these entities to stay informed about legislative changes that might affect their financial reporting and auditing obligations. There are no specific offences, penalties, or consequences detailed in this regulation itself. However, failure to comply with the Audit Act 1901-1955 or any subsequent regulations could lead to civil or criminal penalties as outlined in the principal Act or any other relevant legislation. These potential penalties could include fines or other sanctions, the specifics of which would be determined by the applicable laws at the time of the breach.