Bulletin
2004/10 – 23 December
The Chairman of the Financial Reporting Council (FRC), Mr Charles Macek, today announced that Mr William Bartlett has been engaged to undertake the Council’s auditor independence consultancy.
Mr Bartlett, who is a former partner of accounting firm Ernst & Young, has spent 35 years working in the accounting field, including as auditor of a number of firms in the financial services industry. He is currently a non-actuarial member of the Life Insurance Actuarial Standards Board, which promulgates actuarial standards governing life insurance companies.
The purpose of the auditor independence consultancy is to assist the FRC in the performance of the auditor independence functions conferred on the Council by the CLERP 9 legislation, which was passed by the Parliament in mid-2004. The key independence functions of the FRC include:
- monitoring and assessing the nature and overall adequacy of the systems and processes used by Australian auditors to ensure compliance with auditor independence requirements;
- monitoring and assessing the nature and overall adequacy of the systems and processes used by professional accounting bodies for planning and performing quality assurance reviews of audit work undertaken by Australian auditors to the extent that those reviews relate to auditor independence requirements; and
- promoting, and monitoring the adequacy of, the teaching of professional
and business ethics by, or on behalf of, professional accounting bodies to
the extent to which the teaching of those subjects relates to auditor independence.
For further information, please contact the Secretariat of the Financial Reporting Council, c/- The Treasury, Langton Crescent, Parkes ACT 2600.
Mr Jorge del Busto
Ph: (02) 6263 3144
Fax: (02) 6263 2770
E-mail:
jdelbusto@frc.gov.au
or visit the FRC’s website at www.frc.gov.au.