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Printed by Canprint Communications Pty Ltd
9 October 2011
The Hon Wayne Swan MP
Deputy Prime Minister and Treasurer
CANBERRA ACT 2600
Dear Deputy Prime Minister
I have pleasure in presenting the annual report of the Financial Reporting Council (FRC) for the year ended 30 June 2011.
The report has been prepared in accordance with sections 235B and 235BA of the Australian Securities and Investments Commission Act 2001 (ASIC Act).
Subsection 235B(1) of the ASIC Act requires the FRC to prepare a report on its operations during the year, and on the achievement of the objects of Part 12 of the ASIC Act relating to accounting and auditing standards. Subsection 235BA(1) of the Act requires the FRC 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.
Subsections 235B(4) and 235BA(3) of the ASIC Act require the report to be tabled in each House of the Parliament as soon as practicable.