Treasury Regulations (Amendment)

Overview

The Statutory Rules 1943, No. 32, made under the Audit Act 1901–1934, were enacted to amend the Treasury Regulations, specifically altering sub-regulation (1) by replacing the figure "153" with "158". This legislative instrument was introduced to address a gap or issue related to the administrative and financial oversight processes within the Treasury Regulations, although the specific problem it aimed to resolve is not detailed in the text. The regulation was enacted by the Governor-General in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, and was notified in the Commonwealth Gazette on 11th February 1943. While the policy objective is not explicitly stated in the text, the amendment likely seeks to refine or update the numerical parameters within the Treasury Regulations to better align with current fiscal requirements or administrative practices.

Scope and Application

The Statutory Rules 1943 No. 32, made under the Audit Act 1901–1934, pertains specifically to the amendment of the Treasury Regulations. The legislation applies to the Commonwealth government, particularly in its financial and auditing practices, and involves a minor numerical adjustment within the regulatory framework. This amendment changes the figure from “153” to “158” in sub-regulation (1.), as specified in the Treasury Regulations. Such modifications likely impact the financial oversight and administrative processes within the government, ensuring that the figures used in the regulations remain current and accurately reflect the financial standards or thresholds they govern. The scope of the regulation is confined to the Commonwealth, with no specific mention of state or territory jurisdiction, indicating a focus on federal financial governance. The regulation does not explicitly mention exclusions, exemptions, or thresholds beyond the numerical change itself. The application of the regulation is direct and does not extend through subordinate instruments, as it is a specific amendment to an existing regulation rather than a broader directive.

Key Provisions

The primary operative section of this statutory rule (Statutory Rules 1943, No. 32) is the amendment of Regulation 2 of the Treasury Regulations under the Audit Act 1901–1934. Specifically, section 2(1) of the Treasury Regulations is altered by changing the figure "153" to "158". This modification is intended to update certain numerical references within the regulations, ensuring they align with the current legislative framework or administrative requirements. Such adjustments are crucial for maintaining the accuracy and relevance of the regulations governing financial and auditing practices. The obligations and requirements imposed by this amendment are primarily administrative. For the entities governed by the Audit Act 1901–1934, this change necessitates an update in their internal records and practices to reflect the new numerical reference. This includes ensuring that all relevant documentation, policies, and procedures are revised to incorporate the updated figure. The amendment aims to streamline and standardise the administrative processes within the scope of the Audit Act, thereby enhancing the efficiency and effectiveness of financial oversight and auditing functions. Failure to comply with the provisions of the Audit Act 1901–1934 and the subsequent regulations can lead to significant consequences. While the statutory rule itself does not explicitly state penalties, breaches of the Audit Act generally carry severe civil or criminal penalties. For instance, unauthorised deviations from the regulations could result in fines, imprisonment, or both, depending on the severity and intent of the breach. These penalties underscore the importance of adhering to the updated regulations and maintaining compliance to avoid legal repercussions. In summary, this statutory rule serves to update a specific numerical reference within the Treasury Regulations under the Audit Act 1901–1934. It imposes clear obligations on relevant entities to revise their internal practices to reflect this change. Non-compliance with the Audit Act and its regulations can lead to substantial civil and criminal penalties, highlighting the necessity for accurate and timely updates to the regulatory framework.