Role of Auditor-General during transition period
11 Role of Auditor-General during transition period
The provisions of the Public Finance and Audit Act 1983 (the Audit Act) cease to apply in relation to registered FTC on the registration day, except as provided by this clause.
Subject to such modifications as may be prescribed by the regulations, the following provisions of Part 3 (Audit) of the Audit Act apply as specified in relation to registered FTC for the first 3 financial years in which the transition period occurs—
Division 2A (Performance audits of activities) applies as if—
a reference in that Division to an authority included a reference to registered FTC, and
a reference in that Division to the responsible Minister in relation to registered FTC was a reference to the Minister administering this clause,
Division 4 (Particular audit of statutory bodies, funds and accounts) applies as if—
a reference in that Division to a statutory body included a reference to registered FTC, and
a reference in that Division to the responsible Minister in relation to registered FTC was a reference to the Minister administering this clause, and
the Minister administering this clause had requested that the Auditor-General carry out functions under that Division in respect of the First State Superannuation Fund for each of those financial years,
Division 2 (Audit—generally) applies to an inspection or audit conducted under a provision of the Audit Act applied by paragraph (a) or (b) in the same way as it applies to any other inspection or audit to which that Division applies under that Act.
To avoid doubt, section 43A of the Audit Act does not apply in respect of the removal of registered FTC from the application of the Audit Act as a consequence of the operation of any provision of the First State Superannuation Legislation Amendment (Conversion) Act 2005.
The Auditor-General may, if engaged to do so by registered FTC, carry out auditing functions for FTC (including in respect of the First State Superannuation Fund) at any time during or after the financial years in which the transition period occurs.
Subclauses (1) and (2) are declared to be Corporations legislation displacement provisions for the purposes of section 5G of the Corporations Act in relation to the provisions of the Corporations legislation generally.
Note.
Section 5G (11) of the Corporations Act provides that if a State law declares a provision of a State law to be a Corporations legislation displacement provision, any provision of the Corporations legislation with which the State provision would otherwise be inconsistent does not apply to the extent necessary to avoid the inconsistency.
In this clause—
modification includes addition, exception, omission or substitution.
This provision refers to the regulations (prescribed by the regulations
). Made under this Act:
- Superannuation Administration (Cbus Transitional Provisions) Regulation 2022
- Superannuation Administration (Electricity Superannuation Scheme Transitional Provisions) Regulation 1997
- Superannuation Administration (Local Government Superannuation Scheme Transitional Provisions) Regulation 1997
1 more instrument made under this Act are listed on the Act’s overview.
This Act’s bill:Explanatory memorandumSecond reading speech
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