Parliamentary Secretary to the Treasurer, David Bradbury, has welcomed the appointment of Ms Merran Kelsall to the International Auditing and Assurance Standards Board (IAASB).
Ms Kelsall, who is also the Chair of the Auditing and Assurance Standards Board (AUASB) in Australia, has been appointed as a board member for a term of three years from 1 January 2011.
"I congratulate Ms Kelsall on her appointment to the board of the IAASB. Ms Kelsall brings a wealth of knowledge and more than 20 years' experience to her new position, and I am sure she will make a valuable contribution to the work of the international board," said Mr Bradbury.
"Ms Kelsall's appointment will also ensure that the interests of Australia and the wider Asia Oceania region are given appropriate representation in this important international body.
"The recent global financial crisis has highlighted the importance of high-quality auditing standards in maintaining investor confidence in financial markets and that is why this appointment is such an important one."
The IAASB is responsible for setting international standards on auditing and assurance, as well as facilitating the convergence of national and international auditing and assurance standards. The Australian Auditing Standards released by the AUASB are generally based on the international standards released by the IAASB.
"The IAASB plays a key role in developing high-quality auditing standards that form the basis of the standards used in Australia and many other countries around the world. Maintaining high auditing standards also helps to maintain investor confidence in financial markets, which is important as the global economy continues to recover from the global financial crisis," said Mr Bradbury.
Ms Kelsall has been Chair of the AUASB since 2004. The AUASB is a statutory agency of the Australian Government, responsible for developing and issuing auditing and assurance standards. Ms Kelsall has considerable directorship and corporate governance experience, including working in audit, risk and compliance committees.