Treasury Regulations (Amendment)

Overview

The Statutory Rules 1929, No. 104, titled "Treasury Regulations Under the Audit Act 1901-1926," were enacted to provide further clarification and amendments to the existing framework of the Audit Act 1901-1926. This legislative instrument was made by the Governor-General in Council, acting on the advice of the Federal Executive Council, and came into immediate effect upon its issuance on 13 September 1929. The primary objective of these regulations was to refine the auditing processes and financial management practices within the Commonwealth of Australia, ensuring that they align with the evolving administrative needs and contractual obligations of the government. The changes introduced by this legislation aim to streamline and modernise the existing audit procedures, particularly in relation to freight payments to the "White Star Line Limited" as outlined in Clause 13 (a) of the Contract of Sale of the Commonwealth Government Line of Steamers.

Scope and Application

The Treasury Regulations Under the Audit Act 1901-1926, as amended and detailed in Statutory Rules 1929, No. 104, extend their purview to the activities and transactions of the Commonwealth of Australia, specifically under the authority granted by the Audit Act 1901-1926. These regulations are designed to govern the auditing processes and financial accountability mechanisms within the Commonwealth, ensuring that all financial transactions are subject to rigorous scrutiny and adherence to established protocols. The amendments to Treasury Regulation No. 67 and the modifications to Form 5, as detailed in the statutory rules, reflect an effort to streamline and update the administrative procedures associated with the auditing of government expenditures, particularly in relation to freight payments to the "White Star Line Limited" under specific contractual arrangements. The regulations apply to all entities and persons involved in financial transactions with the Commonwealth, thereby ensuring comprehensive coverage and oversight across various industries and sectors. The geographic reach of these regulations is nationwide, as they pertain to the federal operations of the Commonwealth government. Any exclusions, exemptions, or thresholds are not explicitly stated in the provided text, but the regulations' detailed nature implies a thorough and inclusive application to the Commonwealth's financial dealings.

Key Provisions

The main operative sections of the Treasury Regulations Under the Audit Act 1901-1926 (C1929L00104) include amendments to Treasury Regulation No. 67, specifically adding a new sub-regulation (i) that pertains to freights paid to the White Star Line Limited. This addition is in accordance with Clause 13 (a) of the Contract of Sale of the Commonwealth Government Line of Steamers. Additionally, the document amends Form 5 by replacing the word “Clauses” with “regulations” and removing the column that requires the entry of a Treasury Voucher No. in the Audit Office. These changes suggest a streamlining of the procedures for accounting and auditing related to specific contractual payments. The obligations imposed by these regulations on the relevant parties, such as the Commonwealth Government and the White Star Line Limited, include ensuring that freight payments are made in accordance with the specified contractual terms. The modifications to Form 5 also indicate a requirement to update documentation to reflect the changes in regulatory procedures. These amendments aim to ensure that financial transactions are recorded accurately and efficiently, aligning with the broader objectives of the Audit Act 1901-1926. There are no explicit provisions in the statutory rules that detail offences, penalties, or civil/criminal consequences for breaches of these regulations. However, the underlying principle of the Audit Act 1901-1926 is to maintain financial integrity and accountability. Therefore, non-compliance with these regulations could potentially lead to investigations, financial audits, and other administrative actions as per the broader legal framework established by the Audit Act. While specific penalties are not mentioned in this particular set of regulations, any breaches could result in consequences that align with the general provisions of the Act and related laws.