EXPLANATORY STATEMENT

STATUTORY RULES 1982 NO 148

ISSUED ON THE AUTHORITY OF THE MINISTER FOR FINANCE

SUBJECT - AUDIT ACT 1901 - AUDIT REGULATIONS (AMENDMENT)

The attached Statutory Rules amend the Audit Regulations made under sub-section 71(1) of the Audit Act 1901. The Statutory Rules:

•           declare the National Exhibition Centre Trust (previously, the Canberra Showground Trust) to be an authority to which Division 2 of Part XI of the Audit Act applies (regulation 2(1));

•           modify Division 2 of Part XI of the Audit Act (as authorised by sub-section 63C(2) of the Act) in that Division’s application to the National Exhibition Centre Trust (regulation 2(2)); and

•           for the purposes of section 70BA of the Act, change the name of the Canberra Showground Trust in Schedule 2 to the Audit Regulations to the National Exhibition Centre Trust (regulation 3).

Part XI of the Audit Act sets out standard financial provisions concerning accounts, audit by the Auditor-General and annual reports. Division 2 of Part XI is appropriate for an authority required to keep accounts in accordance with commercial practice.

The modifications to Division 2 of Part XI of the Act will require the National Exhibition Centre Trust to include in its annual report details of any approvals or directions given by the appropriate Minister during the year to which a report relates. The modifications also provide that any Ministerial approval of bank accounts, manner of investment or financial statements will apply only to the Trust, and not to other authorities, and that, in addition to being tabled in Parliament, the annual reports of the Trust be tabled in the ACT House of Assembly.

Section 70BA of the Act provides that the regulations may declare a body to be a body to which that section applies. The effect of such a declaration is that the Auditor-General may authorise another officer to sign a report on the body that the Auditor-General is required by other legislation to submit to a Minister. Regulation 3 in the Statutory Rules changes the name of the Canberra Showground Trust to the National Exhibition Centre Trust.

Regulation 1 provides that the regulations shall come into operation on 1 July 1982, the date from which amendments to the Canberra Showground Trust Ordinance came into operation.