Treasury Regulations (Amendment)

Overview

The Statutory Rules 1927, No. 41, titled "Treasury Regulations under the Audit Act 1901-1926," was enacted to amend existing regulations concerning the timing of financial reporting and audits under the Audit Act 1901-1926. This legislative instrument was introduced to provide greater flexibility in the scheduling of financial reporting and audits, allowing the Treasurer to specify the exact times these activities occur, rather than being bound to fixed monthly deadlines. This change was intended to enhance the efficiency and effectiveness of the auditing process by enabling more tailored scheduling that could better align with the operational needs of various government entities. The Act was made under the authority of the Governor-General, acting on the advice of the Federal Executive Council, reflecting the legislative process of the Commonwealth of Australia at the time.

Scope and Application

The Treasury Regulations under the Audit Act 1901-1926, as amended, apply to entities and persons who are subject to the requirements of the Audit Act, including government departments, agencies, and other entities that receive public funds. The amendment made by Statutory Rules 1927 No. 41 alters the timing requirements for the submission of financial returns and statements by these entities, shifting the responsibility for determining the specific times of submission from a monthly basis to times specified by the Treasurer. This change affects the administrative processes and compliance obligations of entities subject to the Act, thereby extending or restricting the application of the Act through subordinate instruments. The geographic and jurisdictional reach of these regulations is limited to the Commonwealth, impacting all entities and persons within Australia that are subject to the Audit Act. There are no stated exclusions or exemptions in this particular amendment, and the changes apply uniformly across the Commonwealth, impacting all relevant entities without regional variation.

Key Provisions

The Treasury Regulations under the Audit Act 1901-1926 have been amended through Statutory Rules 1927, No. 41, with the objective of adjusting the timing of certain financial reporting obligations. Specifically, Regulation 47, which originally required the submission of financial reports "as soon as possible after the end of each month", now mandates these reports to be submitted "at times to be specified by the Treasurer". Similarly, Regulation 92 has been amended to reflect this change, replacing "at the close of each month" with "at times to be specified by the Treasurer" and substituting "period" for "month" wherever it appears. This means that financial reports are no longer tied to monthly deadlines but will instead adhere to schedules set by the Treasurer. These amendments impose new obligations on entities subject to the Audit Act. They are required to submit their financial reports at the times specified by the Treasurer, rather than adhering to a fixed monthly schedule. This flexibility allows for a more adaptable approach to financial reporting, potentially accommodating the varying needs and operational cycles of different entities. It also places the responsibility on the Treasurer to determine the appropriate timing for these reports, ensuring that the submissions align with broader fiscal management strategies. Breach of these amended regulations could result in various consequences. While the specific penalties are not detailed within the statutory rules, non-compliance with the Audit Act generally could lead to both civil and criminal sanctions. Civil penalties may include fines, while criminal penalties could encompass imprisonment, depending on the severity and intent behind the non-compliance. The precise penalties would be determined in the context of any legal proceedings, taking into account the specific circumstances of the breach.