It is essential that financial regulators uphold high probity standards, to strengthen the legitimacy and integrity of the regulator and support the objectives of the regulatory scheme.

• The ACCC is an independent statutory authority established under the Competition and Consumer Act 2010 and promotes competition, fair trading, protection of consumers rights and product safety for consumers, businesses and the Australian community.
• The ACCC shares staff and resources with the Australian Energy Regulator (AER), an independent statutory body responsible for regulating Australia's energy market.

This is one of a series of three performance audits which continues the ANAO’s examination of probity management in Commonwealth entities.

The audit provides the Parliament with independent assurance regarding probity management at the Australian Competition and Consumer Commission (ACCC).

Findings

• Probity management at the Australian Competition and Consumer Commission (ACCC) has been partly effective, however there are a number of initiatives underway to strengthen internal arrangements.
• The ACCC had arrangements mostly structured to manage the probity risks.
• The ACCC is developing a framework and arrangements to monitor the effectiveness of internal controls and compliance with probity requirements.
• The ACCC fully or largely complied with most of the probity related requirements examined in this audit.

Recommendations

• The Auditor-General made five recommendations relating to: trading in financial instruments; compliance with the Protective Security Policy Framework; approval arrangements for corporate credit card expenditure of statutory officers; and arrangements for gifts, benefits and hospitality.
• The ACCC agreed to the recommendations.