Bulletin
2006/3– 21 April 2006
The Chairman of the Financial Reporting Council (FRC), Mr Charles Macek, today announced that three consultants had been engaged to undertake short-term consultancies associated with the Council's auditor independence function.
The consultants, and the work they will undertake for the FRC, are:
- The International Accounting and Auditing Institute, a division of Ciptanet International Pty Ltd of Melbourne, which will provide consultancy services in respect of the quality review programmes of the professional accounting bodies. The principals of the company, Mr Graeme Macmillan and Mr Michael Cain, have experience in large accounting practices both in Australia and overseas and have provided a wide range of consultancies on topics associated with financial reporting.
- Henderson Walton Consulting Pty Ltd, of Sydney, which will provide consultancy services in respect of the teaching of professional and business by, or on behalf of, the professional accounting bodies. Ms Jane Walton, the principal of the company, has extensive experience in the development and teaching of courses on ethics.
- William J. Bartlett of Sydney, who will provide consultancy services in respect of the disciplinary procedures of the professional accounting bodies. Mr Bartlett, who spent 35 years working in the accounting field, has been the FRC's principal auditor independence consultant since December 2004. In undertaking this consultancy, Mr Bartlett will be assisted by Ms Anne Dalton of Melbourne legal firm Sparke Helmore.
The auditor independence functions are conferred on the Council by section 225 of the Australian Securities and Investments Commission Act 2001. The FRC's audit independence functions 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;
- monitoring and assessing the nature and overall adequacy of the investigation and disciplinary procedures of professional accounting bodies as those procedures apply to Australian auditors; 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.