© Commonwealth of Australia 2012
ISBN 978 0 642 74858 4
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18 October 2012
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 2012.
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.
The FRC auditor independence function and associated reporting requirements were repealed under the Corporations Legislation Amendment (Audit Enhancement) Act 2012, with commencement on 27 June 2012, which will have effect from the 2012-13 reporting period.
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.