NO.065

APPOINTMENT OF CHAIR OF THE AUSTRALIAN AUDITING AND ASSURANCE STANDARDS

BOARD

The Treasurer, the Hon Peter Costello, MP today announced the appointment

of Ms Merran Kelsall as part-time Chairman of the Auditing and Assurance Standards

Board (AUASB). Ms Kelsall’s appointment is for a period of three years.

The AUASB was reconstituted as a Commonwealth statutory body under stage 9

of the Governments Corporate Law Economic Reform Program (CLERP 9). The legislation

implementing CLERP 9 came into effect on 1 July 2004. The AUASB is responsible

for setting auditing standards which, under CLERP 9, have gained the force of

law.

Ms Kelsall will bring a strong mix of leadership, managerial skills and business

experience to the position of AUASB Chairman.

Ms Kelsall has held a range of senior positions in the accounting profession

as well as various directorships. Through her role as Chairman of the Audit

Committee of the Australian Securities and Investments Commission (ASIC) since

1998 and her role as a member of the Victorian Council of The Institute of Chartered

Accountants in Australia (ICAA), Ms Kelsall has gained experience in issues

facing regulators, an understanding of the workings of the accounting industry

and a strong understanding of the audit function. Ms Kelsall has been a member

of the Companies and Markets Advisory Committee (CAMAC) since 1999.

“Ms Kelsall has been appointed in a very important period for the AUASB”

the Treasurer said. “Ms Kelsall’s position as Chairman will be key

to furthering the work of the AUASB under its new arrangements – meeting the

challenges of ensuring that Australian auditing standards are structured suitably

as legal instruments and ensuring that the AUASB policy of harmonisation with

international auditing standards continues”.

The Treasurer noted the work of the former Chairman of the AuASB, Mr Bill Edge,

and thanked him for his contribution in the development and progress of the

CLERP 9 legislation.

CANBERRA

10 August 2004

Contact:

Amanda Kennedy

02 6277 7340