NO.103

ASIC Chairman Appointed as Chair of International Audit Regulators Forum

The Government today welcomed the appointment of ASIC Chairman Jeff Lucy as the inaugural Chairman of the International Forum of Independent Audit Regulators. The Forum brings together audit regulators from 12 countries to discuss issues of mutual interest facing audit supervisors.

A strong regulatory framework governing auditors is fundamental to promoting confidence in capital markets. The reforms introduced by the Government in 2004 as part of the Corporate Law Economic Reform Program significantly strengthened Australia’s financial reporting and auditor regulation framework. These reforms brought Australia to the forefront of international best practice in these areas and ensured sustained confidence in the integrity of Australia’s capital markets.

Australia plays a significant role on the international stage in relation to corporate and financial services regulation. The globalisation of the business environment requires consistent international frameworks, together with greater cross-border communication and cooperation between regulatory bodies. Australia’s strong involvement in this process ensures that these frameworks benefit Australian businesses and Australians who invest overseas.

Australia continues to punch above its weight and Mr Lucy’s appointment reflects the high esteem in which our regulatory environment is held.

SINGAPORE

18 September 2006

Contact: Renae Stoikos 03 9650 0244