Financial Accountability Regulation 2009

1Short title

This regulation may be cited as the Financial Accountability Regulation 2009.

2Commencement

This regulation commences on 1 July 2009.

3Accountable officers for particular entities—Act, s 65(3)

A person mentioned in the schedule, column 1 is the accountable officer for the entity mentioned opposite the person in the schedule, column 2.

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

For an employee to be appropriately qualified for nomination as chief finance officer, the employee must hold at least one of the following—

(a)a qualification as—

(i)a certified practising accountant conferred by CPA Australia; or

(ii)a chartered accountant conferred by the Institute of Chartered Accountants in Australia; or

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

(b)another qualification from an overseas accounting body that is recognised by at least 2 of the organisations mentioned in paragraph (a).

s 4 amd 2011 SL No. 190s 17

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

For a person to be appropriately qualified for nomination as head of internal audit, the person must hold at least one of the following—

(a)a qualification as a professional member of The Institute of Internal Auditors Australia;

(b)a qualification as—

(i)a certified practising accountant conferred by CPA Australia; or

(ii)a chartered accountant conferred by the Institute of Chartered Accountants in Australia; or

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

(c)another qualification from an overseas accounting body that is recognised by at least 2 of the organisations mentioned in paragraph (a) or (b).

s 5 amd 2011 SL No. 190s 18; 2014 SL No. 48s 4; 2015 SL No. 112s 3

6Repeal

The Financial Administration and Audit Regulation 1995, SL No. 113 is repealed.

div hdg amd 2014 SL No. 48s 5

7Transitional provision for qualifications required for chief finance officer

(1)This section applies to a person who, at the commencement of this section, is chief finance officer for a department but is not appropriately qualified under section 4.

(2)Despite section 4, the person may continue as chief finance officer—

(a)if the person is qualified to enrol to study for a qualification mentioned in section 4 (a professional qualification) and, within a reasonable period decided by the accountable officer of the department, enrols in and undertakes the study necessary to obtain the professional qualification—for 5 years from the commencement of this section; or

(b)if the person is not qualified to enrol to study for a professional qualification but, within a reasonable period decided by the accountable officer of the department, enrols in and undertakes the study necessary to become so qualified and to obtain the professional qualification—for a period, not exceeding 10 years from the commencement of this section, decided by the accountable officer.

8Transitional provision for qualifications required for head of internal audit

(1)This section applies to a person who, at the commencement of this section, is head of internal audit for a department but is not appropriately qualified under section 5.

(2)Despite section 5, if the person, within a reasonable period decided by the accountable officer of the department, enrols in and undertakes the study necessary to become appropriately qualified, the person may continue as head of internal audit for 5 years from the commencement of this section.

div 3 (s 9) ins 2014 SL No. 48s 6

9Existing heads of internal audit

(1)This section applies to a person who, at the commencement of this section—

(a)is head of internal audit for a department; but

(b)is not appropriately qualified under section 5(a).

(2)Despite section 5, the person—

(a)may continue as head of internal audit for the department; or

(b)may be nominated as head of internal audit for another department.

(3)For subsection (2), the person is taken to hold the qualification mentioned in section 5(a).

(4)Subsection (2) does not apply or stops applying if the person is not or is no longer appropriately qualified for nomination as head of internal audit for the department for a reason other than the person not having the qualifications, experience or standing prescribed under this regulation.

Example for subsection (4)—

To be appropriately qualified for nomination as head of internal audit for the department, the person is required to be employed at a particular classification level in the department and the person is not or is no longer employed at that classification level in the department.

div 3 (s 9) ins 2014 SL No. 48s 6

section 3

sch amd 2015 SL No. 112 s 4; 2017 SL No. 92 s 3