Treasury Regulations (Amendment)

Overview

The Treasury Regulations under the Audit Act 1901-1920 were enacted in 1924 to provide specific amendments to the regulation framework established by the Audit Act, which originally covered the years 1901 to 1920. This legislative instrument aimed to address the evolving needs of financial oversight and auditing practices within the federal government by refining the scope of works, supplies, and services that could be exclusively rendered by state government departments. The regulation was introduced by the Governor-General in Council, reflecting the formal legislative process of the Commonwealth of Australia at the time. The policy objective behind these amendments was to ensure clarity and precision in the allocation of responsibilities between federal and state entities, thereby enhancing the efficiency and effectiveness of public sector audits and financial accountability. This amendment, specifically the addition to Regulation 67, clarifies the types of services that state government departments can exclusively provide, ensuring that such works, supplies, and services are distinctly identified. This was crucial in preventing overlaps and ensuring that audits were conducted with a clear understanding of jurisdictional boundaries. The regulation was issued as a statutory rule by the Commonwealth Government and published by the Government Printer for the State of Victoria, signifying the formal and authoritative nature of the legislative instrument.

Scope and Application

The Treasury Regulations under the Audit Act 1901-1920 pertain to the financial and administrative management of the Commonwealth of Australia. These regulations apply to various persons and entities involved in the procurement and expenditure processes within the federal government, including but not limited to, departments, agencies, contractors, and suppliers. The scope of these regulations is broad, encompassing the oversight of financial transactions and the auditing of works, supplies, and services that are unique to state government departments by virtue of their nature. The geographic and jurisdictional reach of these regulations is national, as they are designed to govern financial practices across the Commonwealth of Australia. However, there are exclusions within the regulations, particularly concerning items that can exclusively be provided by state government departments. The application of the regulations may be extended or restricted through subordinate instruments, allowing for a more detailed and nuanced approach to specific areas of public expenditure and auditing.

Key Provisions

The key operative sections of this legislative instrument primarily involve amendments to the Treasury Regulations under the Audit Act 1901-1920. Specifically, Regulation 67 is amended by adding a new sub-clause (f) (section 1). This amendment concerns works, supplies, and services that can only be provided by a State Government Department due to their specific nature. This means that any work, supplies, or services falling under this category must be conducted or procured in a manner that adheres to the updated regulations set out by this amendment. These regulations impose obligations on relevant parties to ensure that any works, supplies, or services that fall under the new sub-clause (f) are accounted for and audited in accordance with the established guidelines. This includes maintaining proper records and documentation to demonstrate compliance with the Audit Act 1901-1920. The amendment also requires that any expenditure related to these works, supplies, or services be approved and monitored in line with the Treasury Regulations. Failure to comply with these regulations may result in civil or criminal consequences. While the specific penalties are not detailed in this legislative instrument, breaches of the Audit Act 1901-1920 and associated regulations could potentially lead to fines, penalties, or other legal actions. It is essential for parties and entities governed by these regulations to adhere strictly to the requirements to avoid any potential legal repercussions.