Treasury Regulations (Amendment)

Overview

The Treasury Regulations 1918, made under the Audit Act 1901-1917, were enacted to provide specific administrative procedures and controls over financial transactions for certain Commonwealth entities, particularly focusing on the Commonwealth Railways Commissioner and the Commonwealth Line of Steamers in Australia. The Regulations were introduced to ensure that funds received and disbursed by these entities are properly accounted for and managed, thereby addressing the need for stringent financial oversight and compliance within the federal government's operations. The enactment of these Regulations was carried out by the Governor-General in Council, reflecting the legislative authority of the Commonwealth Parliament. The policy objective behind these Regulations is to maintain transparency and accountability in the financial dealings of specified Commonwealth agencies, ensuring that all monetary transactions are conducted in a manner that adheres to the directives of the Treasurer.

Scope and Application

The Treasury Regulations made under the Audit Act 1901-1917 apply to various entities and individuals within the Commonwealth of Australia, specifically those involved in financial transactions and the management of public funds. These regulations are applicable to the Commonwealth Railways Commissioner in relation to the sale of railway property authorised under section 5 of the Commonwealth Railways Act 1917, requiring Form 31 to be signed by the Commissioner. Additionally, the regulations govern the financial operations of the Commonwealth Line of Steamers in Australia, mandating that all monies received and payments made by the Commonwealth Line of Steamers must be handled through bank accounts directed by the Treasurer. The regulations also specify that cheques drawn on these accounts must be signed by officers appointed by the Manager in Australia for the Commonwealth Line of Steamers, with any surplus in the bank accounts to be dealt with as directed by the Treasurer. These regulations have a national reach within Australia and extend the application of the Audit Act by providing detailed financial management requirements for specific entities.

Key Provisions

The Treasury Regulations under the Audit Act 1901-1917 (C1918L00140) include several key provisions that outline the financial management and audit procedures for specific entities within the Commonwealth. For instance, Clause 143 specifies that in cases of railway property authorised for sale under section 5 of the Commonwealth Railways Act 1917, Form 31 must be signed by the Commonwealth Railways Commissioner (Clause 143). This requirement ensures that any transactions involving the sale of railway property are duly authorised and recorded. Moreover, Clause 156 mandates that all moneys received by the Commonwealth Line of Steamers in Australia must be deposited into bank accounts as directed by the Treasurer (Clause 156). It also stipulates that all payments by the Commonwealth Line of Steamers must be made through these bank accounts. These cheques must be signed and countersigned by officers appointed by the Manager in Australia for the Commonwealth Line of Steamers, who are responsible for informing the bank accordingly. Additionally, any surplus in these bank accounts is to be handled as directed by the Treasurer. These regulations impose specific obligations on the Commonwealth Railways Commissioner and the Manager in Australia for the Commonwealth Line of Steamers. The Commissioner must ensure that Form 31 is appropriately signed for any sales of railway property, while the Manager must designate officers to sign and countersign cheques and communicate with the bank regarding these transactions. Failure to comply with these regulations may lead to civil or criminal consequences. Although the specific penalties are not detailed in the regulations, breaches of financial management and audit procedures can result in severe repercussions under the broader legislative framework of the Audit Act 1901-1917. The potential consequences may include financial penalties, legal action, or disciplinary measures against the involved officers, depending on the severity and impact of the breach.