Financial Reporting Council
Report on Auditor Independence
2005-06
© Commonwealth of Australia 2006
ISBN 0 642 74366 5
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23 October 2006
The Hon Peter Costello MP
Treasurer
Parliament House
CANBERRA ACT 2600
Dear Treasurer
I have pleasure in presenting the report of the Financial Reporting Council (FRC) on the performance of its auditor independence functions for the year ended 30 June 2006.
This is the second report prepared by the FRC in accordance with section 235BA of the Australian Securities and Investments Commission Act 2001 (ASIC Act).
Subsection 235BA(1) of the ASIC Act requires the FRC, by 31 October each year, to prepare a report on its performance of its auditor independence functions, the findings and conclusions reached by the FRC in performing those functions, and the actions (if any) taken by the FRC in respect of those findings and conclusions.
Under subsection 235BA(3) of the ASIC Act, the report must be tabled in each House of the Parliament as soon as practicable.
Yours sincerely
SIGNED
Charles Macek
Abbreviations
The following abbreviations are used throughout this report:
- APRA
- Australian Prudential Regulation Authority
- AQRB
- Audit Quality Review Board
- ASIC
- Australian Securities and Investments Commission
- ASIC
- Act Australian Securities and Investments Commission Act 2001
- ASX
- Australian Stock Exchange Ltd
- ASXMS
- ASX Markets Supervision Pty Ltd
- CALDB
- Companies Auditors and Liquidators Disciplinary Board
- CLERP 9 Act
- Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004
- Corporations Act
- Corporations Act 2001
- CPA
- CPA Australia
- CPE
- Continuing Professional Education
- CPP
- Certificate of Public Practice
- EU
- European Union
- FRC
- Financial Reporting Council
- ICAA
- The Institute of Chartered Accountants in Australia
- IFAC
- International Federation of Accountants
- MOU
- Memorandum of Understanding
- MOU bodies
- APRA, ASIC, ASX, CPA, ICAA and NIA
- NIA
- National Institute of Accountants
- PCAOB
- Public Company Accounting Oversight Board (United States)
- PPC
- Public Practice Certificate
- SEC
- Securities and Exchange Commission (United States)
- UK
- United Kingdom
- US
- United States of America
Contact officer
The contact officer for this report is the Financial Reporting Council Secretary, who may be contacted at:
| Post: | Secretary Financial Reporting Council c/- The Treasury Langton Crescent PARKES ACT 2600 |
| Telephone: | (02) 6263 3144 |
| Facsimile: | (02) 6263 2770 |
| E-mail: | frcsecretary@treasury.gov.au |