Bulletin
2009 / 01 – 5 January 2009
The Financial Reporting Council (FRC) today announced the new appointments and reappointments of members to the Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB).
Mr Victor Clarke, Partner, PricewaterhouseCoopers, and Mr Ian McPhee, Auditor‑General of Australia, have been appointed to the AASB on a part‑time basis for terms commencing on 1 January 2009 and ending on 31 December 2011.
AASB members who have been re‑appointed on a part‑time basis from 1 January 2009 until 31 December 2011, are:
- Mr John O'Grady, Partner, Ernst & Young.
- Mr Glenn Appleyard, Economic Consultant.
Mr Colin Murphy, Auditor General of Western Australia, has been appointed to the AUASB on a part‑time basis for a term commencing on 1 January 2009 and ending on 31 December 2011.
In addition, The following AUASB members have been re‑appointed on a part‑time basis from 1 January 2009 until 31 December 2011:
- Mr Chris Hall, Partner, KPMG;
- Mr David Simmonds, Partner, Ernst & Young;
- Mr Mike Blake, Auditor‑General of Tasmania;
- Mr Greg Pound, Independent Consultant; and
- Ms Elizabeth Johnstone, Partner, Blake Dawson.
All of the appointments to the Boards were approved by the FRC at its 26 November 2008 meeting, following the recommendations made by the FRC Nominations Committee.
In addition to the experience and qualities demonstrated by applicants to the Boards, other factors considered by the FRC in making these appointments and reappointments included:
- the numbers on the Board providing for a range of skills and backgrounds without being so large so as to become unwieldy;
- the requirement that members appreciate the public interest perspective in standard setting, and have the capacity to work for the overall public good, ahead of sectional or vested interests.
- a desire to boost the expertise of the AASB on public sector accounting issues; and
- the need for the AUASB to maintain its proficiency in respect of issues pertaining to medium sized and small auditing practices.
The FRC also noted that it would be desirable to encourage candidates from the corporate sector, in particular from users of accounting and auditing standards, to put themselves forward for the Boards in the future.
The FRC Chairman, Mr Jeffrey Lucy AM, and the Chairman of the FRC Nominations Committee, Mr Klaus Zimmermann, congratulate the newly appointed and re‑appointed members, and thank a number of members of each Board who will retire upon the expiration of their appointments over the next few months.
About the FRC
The FRC is the peak body responsible for the broad oversight of the accounting and auditing standard setting process for the private and public sectors, as well as monitoring the effectiveness of auditor independence requirements in Australia. It comprises key stakeholders from the business and investing communities, the professional accounting bodies, governments and regulatory agencies. A list of the current FRC membership is on the FRC’s website.
The FRC advises the Government on the accounting and auditing standard setting process and on the development of international accounting and auditing standards. It determines the broad strategic direction of the standard setters, the Australian Accounting Standards Board and the Auditing and Assurance Standards Board.
For further information, please contact the Secretary of the Financial Reporting Council
c/‑ The Treasury, Langton Crescent, Parkes ACT 2600.
Ms Suzanne Howarth
Ph: (02) 6263 3144 Fax: (02) 6263 2770
E‑mail: frcsecretary@treasury.gov.au
or visit the FRC’s website at www.frc.gov.au.