Federal Register of Legislation - Australian Government

Primary content

SR 1997 No. 390 Regulations as made
Principal Regulations
Administered by: Finance
General Comments: This instrument was backcaptured in accordance with Section 36 of the Legislative Instruments Act 2003
Registered 01 Jan 2005
Tabling HistoryDate
Tabled Senate02-Mar-1998
Tabled HR02-Mar-1998
Gazetted 24 Dec 1997
Date of repeal 15 May 2012
Repealed by Finance Legislation Repeal Regulation 2012

Statutory Rules 1997    No. 3901

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Audit (Transitional and Miscellaneous) Regulations

I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Audit (Transitional and Miscellaneous) Amendment Act 1997.

Dated 18 December 1997.

 

                                                                                 WILLIAM DEANE

                                                                                 Governor-General

By His Excellency’s Command,

 

 

JOHN FAHEY

Minister for Finance and Administration

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PART 1—PRELIMINARY

Citation

               1.   These Regulations may be cited as the Audit (Transitional and Miscellaneous) Regulations.


Commencement

               2.   These Regulations commence on 1 January 1998.

Definitions

               3.   In these Regulations:

“Audit Act” means the Audit Act 1901;

“Auditor-General Act” means the Auditor-General Act 1997;

“CAC Act” means the Commonwealth Authorities and Companies Act 1997;

“FMA Act” means the Financial Management and Accountability Act 1997;

“FMA Regulations” means the Financial Management and Accountability Regulations.

PART 2—APPLICATION OF AUDITOR-GENERAL
ACT 1997

Acting appointment (Audit Act, s 8)

               4.   An appointment of a person under subsection 8 (1) of the Audit Act to act in the office of the Auditor-General, in force immediately before 1 January 1998, is taken, on and after 1 January 1998, to be an appointment under clause 7 of Schedule 1 to the Auditor-General Act.

Performance of Auditor-General function (Audit Act, s 11)

               5.   A person who, immediately before 1 January 1998, is a person appointed under section 11 of the Audit Act to perform a function may perform the function on and after 1 January 1998 as if he or she were engaged under contract to assist in the performance of that function under section 27 of the Auditor-General Act.

Audit of certain financial statements (Audit Act, s 41D)

               6.   The audit of a financial statement submitted to the Auditor-General under subsection 41D (2A) of the Audit Act, but not reported on before 1 January 1998, must be completed in accordance with that subsection as if that subsection had not been repealed.

Efficiency audits (Audit Act, Part VI, Division 2)

               7.   An efficiency audit begun under Division 2 of Part VI of the Audit Act, but not completed before 1 January 1998, is taken, on and after 1 January 1998, to be a performance audit under Division 2 of Part 4 of the Auditor-General Act.

Audit of Australian National Audit Office (Audit Act, s 48K)

               8.   An audit of the Australian National Audit Office begun under subsection 48K (2) of the Audit Act, but not completed before 1 January 1998, is taken, on and after 1 January 1998, to be an audit of the Australian National Audit Office under Division 2 of Part 7 of the Auditor-General Act.

Audit of aggregate financial statements (Audit Act, s 50AB)

               9.   The audit of an aggregate financial statement submitted to the Auditor-General under subsection 50AB (2) of the Audit Act, but not reported on before 1 January 1998, must be completed in accordance with subsection 51 (1) of the Audit Act as if that subsection had not been repealed.

Audit of financial statements (Audit Act, s 51)

             10.   An examination of a financial statement begun by the Auditor-General under subsection 51 (1) of the Audit Act, but not reported on before 1 January 1998, must be completed in accordance with that subsection as if that subsection had not been repealed.

Project performance audits (Audit Act, s 54)

             11.   A project performance audit begun under section 54 of the Audit Act, but not completed before 1 January 1998, is taken, on and after 1 January 1998, to be a performance audit under Division 2 of Part 4 of the Auditor-General Act.

Auditing standards (Audit Act, s 63MB)

             12.   Auditing standards set under subsection 63MB (1) of the Audit Act, and in force immediately before 1 January 1998, are taken, on and after 1 January 1998, to be auditing standards set under section 24 of the Auditor-General Act.

Indemnity (Audit Act, s 70E)

             13.   The indemnity conferred by subsection 70E (2) of the Audit Act on a person appointed under section 11 of that Act continues to have effect on and after 1 January 1998 in relation to a function or service performed by the person, during his or her appointment, on behalf of the Auditor-General.

PART 3—APPLICATION OF FINANCIAL MANAGEMENT AND ACCOUNTABILITY ACT 1997 AND REGULATIONS AND ORDERS UNDER THAT ACT

Authority for overdrafts (Audit Act, s 18)

             14.   An overdraft arranged with the authority of the Minister under section 18 of the Audit Act is taken, on and after 1 January 1998, unless it does not comply with subsection 8 (3) of the FMA Act, to be an overdraft drawing provided for in an agreement made under subsection 8 (4) of the FMA Act.

Agreements with banks about receipt, transmission etc of public money (Audit Act, s 20)

             15.   An agreement made with a bank under section 20 of the Audit Act, and in force immediately before 1 January 1998, has effect on and after 1 January 1998 as if it were made under section 8 of the FMA Act.

Official bank accounts (Audit Act, s 21)

             16.   A bank account opened and maintained under section 21 of the Audit Act is taken, on and after 1 January 1998, to have been opened under subsection 9 (1) of the FMA Act.

Handling etc of special public money (Audit Act, s 25)

             17.   A direction in force under subsection 25 (3) of the Audit Act immediately before 1 January 1998 has effect, on and after 1 January 1998, as if:

             (a)   it were a Special Instruction issued under section 16 of the FMA Act; and

             (b)   the money concerned were special public money, within the meaning of that section.

Act of grace payments (Audit Act, s 34A)

             18.   (1)    A direction that an amount is, or amounts are, to be treated as properly payable that is in force under subsection 34A (1) of the Audit Act immediately before 1 January 1998, and terms and conditions to which payment under such a direction is subject under subsection 34A (1A) of the Audit Act, have effect, on and after 1 January 1998, as if they were an authorisation under subsection 33 (1) of the FMA Act and conditions under subsection 33 (3) of the FMA Act.

             (2)   On and after 1 January 1998, a subsection 34A (2) report that:

             (a)   relates to a payment, or payments, amounting, or likely to amount, in total to more than $100,000; and

             (b)   was not finally dealt with before 1 January 1998;

has effect, for subsection 33 (2) of that Act, as if it were a report under section 59 of the FMA Act.

             (3)   For subregulation (2), a report is a subsection 34A (2) report that was not finally dealt with before 1 January 1998 if:

             (a)   the report was furnished to an authorised person under subsection 34A (2) of the Audit Act before 1 January 1998 but an authorised person had not given a direction under subsection 34A (1) of that Act in relation to the payment, or payments, before 1 January 1998; or

             (b)   preparation of the report was initiated, but the report was not furnished to an authorised person, before 1 January 1998.

             (4)   For paragraph (3) (b), the Committee mentioned in subsection 34A (2) of the Audit Act is authorised to complete any report on which it was engaged under that subsection as if that subsection had not be repealed.

Investment of money standing to credit of Trust Fund (Audit Act, s 62B)

             19.   Money that, immediately before 1 January 1998, is invested under section 62B of the Audit Act is taken, on and after 1 January 1998, to be money invested under subsection 39 (1) of the FMA Act.

Writing off, and waiver of rights to, certain moneys and stores (Audit Act, s 70C)

             20.   (1)    On and after 1 January 1998, a subsection 70C (4) report that:

             (a)   relates to the waiver of the right to payment of an amount that involves, or is likely to involve, a total amount of more than $100,000; and

             (b)   was not finally dealt with before 1 January 1998;

has effect, for subsection 34 (2) of the FMA Act, as if it were a report under section 59 of that Act.

             (2)   For subregulation (1), a report is a subsection 70C (4) report that was not finally dealt with before 1 January 1998 if:

             (a)   the report was furnished to the Minister under subsection 70C (4) of the Audit Act before 1 January 1998 but the Minister had not acted under subsection 70C (1) of that Act to waive the right to payment of the amount, before 1 January 1998; or

             (b)   preparation of the report was initiated, but the report was not furnished to the Minister, before 1 January 1998.

             (3)   For paragraph (2) (b), the Committee mentioned in subsection 70C (4) of the Audit Act is authorised to complete any report on which it was engaged under that subsection as if that subsection had not be repealed.

Guidelines by Ministers (Audit Act, s 73)

             21.   Guidelines in force under section 73 of the Audit Act immediately before 1 January 1998 have effect, on and after 1 January 1998, as if they were guidelines under subsection 64 (1) of the FMA Act.

Advances (Finance Regulations, r 74)

             22.   For the 6 months beginning on 1 January 1998:

             (a)   an advance of a kind that, immediately before 1 January 1998, was an approved kind of advance under paragraph 74 (1) (j) of the Finance Regulations is taken to be an official advance the purpose of which has been approved under regulation 15 of the FMA Regulations; and

             (b)   a condition in force under subregulation 74 (2) of the Finance Regulations immediately before 1 January 1998 is taken to be a condition under regulation 16 of the FMA Regulations.

Funds Allocation Authorities (Finance Regulations, r 90)

             23.   A Funds Allocation Authority for Expenditure issued under regulation 90 (1) of the Finance Regulations is taken, on and after 1 January 1998, to be an advice issued under Orders made under section 63 of the FMA Act and in force on 1 January 1998.

Net annotated appropriations (Act Nos 88 and 89, 1997)

             24.   An agreement in force immediately before 1 January 1998 under:

             (a)   subsection 8 (1) of the Appropriation Act (No. 1) 1997‑98; or

             (b)   subsection 6 (1) of the Appropriation (Parliamentary Departments) Act 1997‑98;

has effect, on and after 1 January 1998, as if it were made under section 31 of the FMA Act.

PART 4—APPLICATION OF COMMONWEALTH AUTHORITIES AND COMPANIES ACT 1997

Division 4.1—Preliminary

Interpretation—expressions used in CAC Act

             25.   Unless the contrary intention appears, an expression that is used in a provision of this Part (“the transitional provision”) and in the CAC Act generally, or in a particular provision of the CAC Act mentioned in the transitional provision, has, in the transitional provision, the same meaning as in the CAC Act generally or in that particular provision of the CAC Act, as the case requires.

Interpretation—“transitional financial year”

             26.   A reference in this Part to a transitional financial year of a Commonwealth authority or Commonwealth company is a reference to a financial year of that authority or company that began before 1 January 1998.

Division 4.2—Commonwealth authorities

Annual reports (CAC Act, ss 9–17)

             27.   (1)    The directors of a Commonwealth authority are taken to have satisfied the requirements of Division 2 of Part 3 of the CAC Act in relation to the annual report (including financial statements) required by law to be prepared in relation to the authority for a transitional financial year of the authority if the authority complies with each requirement, rule and obligation that, immediately before 1 January 1998, applied by law in relation to the report.

             (2)   The directors of a Commonwealth authority must prepare the annual report (including financial statements) for a financial year beginning on or after 1 January 1998 but before 1 July 1998 in accordance with Division 2 of Part 3 of the CAC Act, except for compliance with paragraph 1 (a) of Schedule 1 to the CAC Act.

             (3)   However, at any time before the submission of the annual report mentioned in subregulation (1), the Minister may alter the form for financial statements approved under subsection 63H (1) or 63M (1) of the Audit Act, or under any other law relating to the Commonwealth authority, and any guidelines relating to the form, and, to the extent necessary for that purpose, that Act or law continues to have effect as if it had not been repealed.

Audit of financial statements (CAC Act, Schedule 1, Part 2)

             28.   The Auditor-General is taken to have satisfied the requirements of Part 2 of Schedule 1 to the CAC Act in relation to the Auditor-General’s report on the financial statements for a transitional financial year of a Commonwealth authority if the Auditor-General complies with each requirement, rule and obligation that, immediately before 1 January 1998, applied by law to the Auditor-General in relation to the Auditor-General’s report on those financial statements.

Audit of subsidiary’s financial statements (CAC Act, ss 8 and 12)

             29.   Subsection 8 (2), and section 12, of the CAC Act do not apply to the financial statements of a subsidiary of a Commonwealth authority for an annual accounting period of that subsidiary that began before 1 January 1998.

Budget estimates (CAC Act, s 14)

             30.   The directors of a Commonwealth authority (other than a GBE) are taken to have satisfied the requirements of section 14 of the CAC Act in relation to the budget estimates required to be prepared in relation to the authority for a transitional financial year of the authority if the authority complies with each requirement, rule and obligation (if any) that, immediately before 1 January 1998, applied to estimates of receipts and expenditure, or budget estimates, of the authority.

Corporate plan for GBE (CAC Act, s 17)

             31.   The directors of a Commonwealth authority that is a GBE are taken to have satisfied the requirements of section 17 of the CAC Act in relation to a corporate plan required to be prepared in relation to the authority for a transitional financial year of the authority if the authority complies with each requirement, rule and obligation that, immediately before 1 January 1998, applied to that corporate plan.

Treasurer’s approval (CAC Act, s 18)

             32.   An approval by the Treasurer under paragraph 63E (1) (c) of the Audit Act, or under a law relating to a Commonwealth authority that is not a GBE or SMA, and given before 1 January 1998, continues to have effect after 1 January 1998 as if it were an approval under paragraph 18 (3) (d) of the CAC Act.

Accounting records (CAC Act, s 20)

             33.   A Commonwealth authority is taken to have satisfied the requirements of subsection 20 (1) of the CAC Act in relation to the accounting records required by law to be kept by the authority for a transitional financial year of the authority if the authority complies with each requirement, rule and obligation that, immediately before 1 January 1998, applied by law to those accounting records.

Financial year—Army and Air Force Canteen Service Board of Management

             34.   The financial year of the Army and Air Force Canteen Service Board of Management that, in accordance with the Army and Air Force Canteen Service Regulations, as in force immediately before 1 January 1998, commenced on 31 January 1997 ends on 30 June 1998.

Division 4.3—Commonwealth companies

Audit of subsidiary’s financial statements (CAC Act, ss 35 and 37)

             35.   Subsection 35 (2), and section 37, of the CAC Act do not apply to the financial statements of a subsidiary of a Commonwealth company for an annual accounting period of that subsidiary that commenced before 1 January 1998.

Budget estimates (CAC Act, s 39)

             36.   The directors of a wholly-owned Commonwealth company (other than a GBE) are taken to have satisfied the requirements of section 39 of the CAC Act in relation to the budget estimates required to be prepared in relation to the company for a transitional financial year of the company if the company complies with each requirement, rule and obligation (if any) that, immediately before 1 January 1998, applied to estimates of receipts and expenditure, or budget estimates, of the company.

Corporate plan for GBE (CAC Act, s 42)

             37.   The directors of a wholly-owned Commonwealth company that is a GBE are taken to have satisfied the requirements of section 42 of the CAC Act in relation to a corporate plan required to be prepared in relation to the company for a transitional financial year of the company if the company complies with each requirement, rule and obligation that, immediately before 1 January 1998, applied to that corporate plan.

Financial statements (CAC Act, ss 35 and 36)

             38.   Subsections 35 (1) and 36 (2) of the CAC Act do not apply to financial statements of a Commonwealth company for a financial year that commenced before 1 January 1998.

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NOTE

1.   Notified in the Commonwealth of Australia Gazette on 24 December 1997.