© Commonwealth of Australia 2012

ISBN 978 0 642 74858 4

Ownership of intellectual property rights in this publication

This publication is available for your use under a Creative Commons Attribution 3.0 Australia  licence, with the exception of the Commonwealth Coat of Arms, the Financial Reporting Council logo, information in Chapter 4 sourced from material provided by the professional accounting bodies and where otherwise stated. The full licence terms are available from the Creative Commons website .

Image
creative commons

Use of Financial Reporting Council material under a Creative Commons Attribution 3.0 Australia licence requires you to attribute the work (but not in any way that suggests that the Financial Reporting Council endorses you or your use of the work).

Financial Reporting Council material used 'as supplied'

Provided you have not modified or transformed Financial Reporting Council material in any way including, for example, by changing the Financial Reporting Council text; calculating percentage changes; graphing or charting data; or deriving new statistics from published Financial Reporting Council statistics - then the Financial Reporting Council prefers the following attribution:

Source: Financial Reporting Council

Derivative material

If you have modified or transformed Financial Reporting Council material, or derived new material from those of the Financial Reporting Council in any way, then the Financial Reporting Council prefers the following attribution:

Based on Financial Reporting Council data

Use of the Coat of Arms

The terms under which the Coat of Arms can be used are set out on the It's an Honour website

Information sourced from material provided by the professional accounting bodies

Approval to use information in Chapter 4 sourced from material provided by the professional accounting bodies should be sought from the Chief Executive Officers of the relevant bodies as follows:

The Institute of Chartered Accountants in Australia, GPO Box 9985, Sydney NSW  2001

CPA Australia, GPO Box 2820, Melbourne VIC 3001

Institute of Public Accountants, GPO Box 1637, Melbourne VIC 3000

Other Uses

Inquiries regarding this licence and any other use of this document are welcome at:

Secretary
Financial Reporting Council
c/ The Treasury
Langton Crescent Parkes ACT 2600
Email: frcsecretary@treasury.gov.au

Printed by Elect Printing Pty Ltd

Image
FRC Crown

Chairman:
Ms Lynn Wood
c/- The Treasury
Langton Crescent
Canberra ACT 2600

Email:
chairman@frc.gov.au

Secretariat:
c/- The Treasury
Langton Crescent
Canberra ACT 2600

Telephone:
02 6263 3144

Facsimile:
02 6263 2770

Email:
frcsecretary@treasury.gov.au

18 October 2012

The Hon Wayne Swan MP
Deputy Prime Minister and Treasurer
Parliament House
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.

Yours sincerely

SIGNED

Lynn Wood
Chairman