Telecommunications Universal Service Management Agency (Approved Auditor) Determination 2013

Overview

The Telecommunications Universal Service Management Agency (Approved Auditor) Determination 2013 was made under subsection 94(4) of the Telecommunications Universal Service Management Agency Act 2012. The purpose of this legislative instrument was to specify the class of persons who are approved auditors for the Telecommunications Universal Service Management Agency, thereby ensuring that the auditing process for the agency adheres to stringent regulatory standards. This determination was enacted to address the need for clearly defined and authorised auditors who can effectively oversee the financial and operational audits of the agency. The determination was prepared by the Australian Communications and Media Authority and was registered on the Federal Register of Legislative Instruments on 27 June 2013, coming into effect the following day. The policy objective was to maintain transparency, accountability, and integrity in the auditing processes of the agency.

Scope and Application

The Telecommunications Universal Service Management Agency (Approved Auditor) Determination 2013, as amended, applies to persons and entities involved in the auditing of the Telecommunications Universal Service Management Agency (TUSMA), operating within the Commonwealth of Australia. Specifically, it designates Auditors-General, authorised audit companies, and registered auditors as approved auditors for TUSMA's purposes. This Determination extends to the entire Commonwealth, ensuring a consistent approach to the auditing of TUSMA across Australia. The scope of the Determination is further defined by its alignment with the Corporations Act 2001, which sets out the criteria for authorised audit companies and registered auditors. The Determination does not explicitly state any exclusions or thresholds but relies on the existing regulatory framework provided by the Corporations Act 2001. The application of the Determination can be extended or modified through subordinate instruments, such as the Telecommunications Universal Service Management Agency (Approved Auditor) Amendment Determination 2014 (No.1), which was registered on 1 October 2014 and commenced on 2 October 2014.

Key Provisions

The Telecommunications Universal Service Management Agency (Approved Auditor) Determination 2013, as amended, specifies the categories of persons who can act as approved auditors under section 94 of the Telecommunications Universal Service Management Agency Act 2012. The approved auditors include Auditors-General, authorised audit companies, and registered auditors (section 4). Auditors-General are defined as individuals recognised under subsection 1281(1) of the Corporations Act 2001, while authorised audit companies and registered auditors are defined in accordance with the Corporations Act 2001 and relevant ASIC Class Orders (section 3). This determination is designed to ensure that the auditors appointed to conduct audits under the Act are qualified and recognised by the appropriate regulatory bodies. The determination imposes specific obligations on the parties involved, requiring that only individuals or entities listed as Auditors-General, authorised audit companies, or registered auditors can perform audits under the Act. This ensures that the audits are carried out by qualified professionals who meet the regulatory standards set by the Corporations Act 2001 and ASIC Class Orders (section 4). The determination also mandates that any amendments to the approved auditors' list must be registered on the Federal Register of Legislative Instruments and will take effect from the date of registration (section 2). Failure to comply with the provisions of the determination may result in legal consequences. While the determination does not explicitly list specific offences or penalties, any breach of the Act or its subsidiary legislation can potentially lead to legal action under the general provisions of the Telecommunications Universal Service Management Agency Act 2012. These could include civil or criminal penalties, depending on the nature and severity of the breach. The determination ensures that the audit process is transparent, reliable, and conducted by qualified professionals to maintain the integrity of the auditing process under the Act.