Financial Accountability Regulation 2019

1Short title

This regulation may be cited as the Financial Accountability Regulation 2019.

2Commencement

This regulation commences on 1 September 2019.

3Accountable officers for particular entities—Act, s 65

For section 65(3) of the Act, a person mentioned in schedule 1, column 1 is the accountable officer for the entity mentioned opposite the person in schedule 1, column 2.

4Appropriate qualifications for nomination to be chief finance officer—Act, s 77

For section 77(5) of the Act, definition appropriately qualified, the qualifications prescribed are—

(a)a qualification as—

(i)a certified practising accountant conferred by CPA Australia Ltd ACN 008 392 452; or

(ii)a chartered accountant conferred by Chartered Accountants Australia and New Zealand ARBN 084 642 571; or

(iii)a member of the Institute of Public Accountants Ltd ACN 004 130 643 who is entitled to use the letters ‘MIPA’ or ‘FIPA’; or

(b)a qualification from an overseas accounting body that is recognised by at least 2 of the entities mentioned in paragraph (a) as equivalent to a qualification mentioned in that paragraph.

5Appropriate qualifications for nomination to be head of internal audit—Act, s 78

For section 78(3) of the Act, definition appropriately qualified, the qualifications prescribed are—

(a)a qualification as a professional member of the Institute of Internal Auditors Australia ACN 001 797 557; or

(b)a qualification as—

(i)a certified practising accountant conferred by CPA Australia Ltd ACN 008 392 452; or

(ii)a chartered accountant conferred by Chartered Accountants Australia and New Zealand ARBN 084 642 571; or

(iii)a member of the Institute of Public Accountants Ltd ACN 004 130 643 who is entitled to use the letters ‘MIPA’ or ‘FIPA’; or

(c)a qualification from an overseas accounting body that is recognised by at least 2 of the entities mentioned in paragraph (a) or (b) as equivalent to a qualification mentioned in those paragraphs.

6Repeal

The Financial Accountability Regulation 2009, SL No. 81 is repealed.

section 3