Treasury Regulations (Amendment)

Overview

The Statutory Rules 1909 No. 20, enacted in 1909, amends the Treasury Regulations under the Audit Acts 1901-1906. The instrument was introduced to repeal certain outdated Treasury Regulations (numbered 132, 133, 134, 135, and 136) and replace them with the more current London Account Regulations, as established in 1908. This amendment was authorised by the Governor-General in and over the Commonwealth of Australia, acting on the advice of the Federal Executive Council. The purpose of this legislative action was to ensure that the regulatory framework governing audits remains aligned with the evolving administrative requirements and practices of the time. The policy objective, as stated in the text, is to provide a more efficient and effective system of audit regulations that can keep pace with the changing financial landscape of the Commonwealth.

Scope and Application

The Statutory Rules 1909, No. 20 pertains to the amendment of Treasury Regulations under the Audit Acts 1901-1906, specifically repealing Regulations numbered 132, 133, 134, 135, and 136, as they have been superseded by the London Account Regulations. This legislative instrument applies to entities and individuals who are subject to the Audit Acts 1901-1906, thereby affecting their compliance and reporting obligations under these Acts. The regulations primarily impact those involved in financial management and auditing within the Commonwealth of Australia, aiming to streamline and update the regulatory framework governing audits and financial oversight. Geographically, the legislation exerts its influence within the federal jurisdiction of Australia, impacting both the Commonwealth and potentially state and territory entities as they interface with federal financial regulations. The scope of the Act is explicitly limited to the repeal of certain Treasury Regulations, and it does not specify any exclusions, exemptions, or thresholds beyond the named Regulations. The applicability of the Act may be further extended or refined through subordinate instruments, though this specific legislative instrument focuses solely on the repeal mentioned.

Key Provisions

The Statutory Rules of 1909, No. 20, detail the amendment of Treasury Regulations under the Audit Acts 1901-1906, specifically repealing Regulations 132, 133, 134, 135, and 136 (sections 1 and 2). These Regulations, which had previously governed certain aspects of the Audit Acts, are now superseded by the London Account Regulations (section 1). The Act is clear in its intent to update and streamline the regulatory framework under the Audit Acts, replacing outdated rules with new provisions that align more closely with contemporary practices. The repealed Treasury Regulations, which had previously outlined specific procedures and requirements for audits, are no longer in force as of the date of this Act. This repeal indicates that any obligations and requirements previously imposed by these Regulations are no longer applicable. Instead, parties and entities governed by the Audit Acts must now comply with the provisions of the London Account Regulations. These new Regulations will provide the updated framework for conducting audits and managing audit-related activities under the Act. Breach of the provisions within the Audit Acts, whether under the repealed Treasury Regulations or the new London Account Regulations, could result in various civil or criminal consequences. While the specific offences and penalties are detailed within the London Account Regulations, it is important for parties and entities to understand that non-compliance with the updated requirements may result in legal action. Penalties for breaches can include fines or other civil sanctions, as well as potential criminal charges depending on the severity and nature of the violation. It is essential for all governed parties to familiarise themselves with the new Regulations to ensure compliance and avoid the associated penalties.