Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, is pleased to announce the appointment of four new members and the reappointment of three members to the Financial Reporting Council (FRC).
The FRC is the oversight body for accounting and audit standard setting arrangements in Australia and is also responsible for monitoring the effectiveness of auditor independence requirements.
"These appointments and reappointments ensure that the FRC continues to have highly experienced and qualified members to meet its responsibilities in relation to oversight of accounting and auditing standard setting," Minister Sherry said.
The FRC is a broadly representative stakeholder body with members drawn from professional accounting bodies, Government and other public sector entities as well as those who use, prepare and analyse financial statements.
Mr John Trowbridge, a member of the Australian Prudential Regulation Authority's Executive Group is appointed until 30 June 2009; Ms Merran Kelsall, Chairman of the Auditing and Assurance Standards Board, is appointed until 9 August 2010; Professor David Boymal, Chairman of the Australian Accounting Standards Board, is appointed until 4 November 2008; and Mr Stuart Wilson, Chief Executive of the Australian Shareholders' Association is appointed for a three-year term.
Ms Jan West AM, member of the Institute of Chartered Accountants in Australia and Mr Don Challen, Secretary of the Tasmanian Department of Treasury and Finance, are each reappointed for a further three-year term and Mr Warwick Hunt, Chairman of the New Zealand Accounting Standards Review Board (NZ ASRB), is reappointed until 3 September 2008 when his current term as Chairman of the NZ ASRB expires.
Members of the FRC are appointed under section 235A of the Australian Securities and Investments Commission Act 2001.