Treasury Regulations (Amendment)

Overview

The Statutory Rules 1933 No. 78, made under the Audit Act 1901-1926, were introduced to amend the existing Treasury Regulations. Enacted by the Governor-General in accordance with advice from the Federal Executive Council, these regulations sought to update the regulatory framework governing audits within the Commonwealth of Australia. The specific amendment modifies Sub-Regulation (2) of Regulation 60, expanding the scope of individuals authorised to conduct audits to include officers appointed by the President or Speaker for such purposes. This change aims to enhance the flexibility and efficiency of the audit process, ensuring that authorised personnel can effectively carry out their duties in accordance with the Act. The regulations came into operation immediately upon their enactment, reflecting the need for prompt updates to legislative instruments to address evolving administrative requirements.

Scope and Application

The Treasury Regulations under the Audit Act 1901-1926 apply to the auditing and accounting practices of the Commonwealth of Australia, impacting both individuals and entities that are involved in the financial management of government operations. This includes officers appointed by the President or Speaker for specific auditing purposes, thereby extending the reach of the regulations to ensure comprehensive oversight and accountability within the federal government. The regulations are applicable nationwide, covering the entire Commonwealth, and are designed to ensure uniformity in the auditing practices across all states and territories. While the regulations themselves lay out the framework and standards, they may be further extended or clarified through subordinate instruments, ensuring that the auditing process remains robust and adaptable to changing circumstances.

Key Provisions

The primary sections of the Statutory Rules 1933, No. 78, which amend the Treasury Regulations under the Audit Act 1901-1926, introduce a specific amendment to Regulation 60 (subsection 2). This amendment allows for the extension of the authority to audit accounts to include officers appointed by the President or Speaker for such purposes (sub-Regulation 2). This is a modification intended to ensure that a broader range of officials can oversee and audit financial accounts within the scope of the Audit Act. These regulations impose certain obligations on the officers appointed by the President or Speaker. They are required to adhere to the same auditing standards and protocols as those outlined in the Audit Act 1901-1926 and its associated regulations. This includes ensuring that all audits are conducted thoroughly and impartially, maintaining detailed records of all findings, and reporting any discrepancies or irregularities to the appropriate authorities. Failure to comply with the provisions of the Audit Act and its regulations can result in both civil and criminal consequences. While the specific penalties are not detailed within the text of this statutory rule, the Audit Act generally provides for penalties for non-compliance. These may include fines and, in more severe cases, imprisonment. The exact penalties would depend on the nature and severity of the breach, as outlined in the main Act and other relevant legislation. The intent of these penalties is to enforce the integrity and reliability of financial audits and reporting within the Commonwealth.