Friday 10 December 2021

Meeting Date
Friday 10th of December 2021
Meeting Time
10.00am – 4.00pm
Meeting Location
WebEx videoconference (details to be provided on registration)
Meeting Details

Members of the public are advised that the meeting will be held by WebEx videoconference and public attendance is via registration only. Members of the public should register their interest in attending the public sessions no later than 10:00am on Thursday, 9 December by emailing frcsecretariat@treasury.gov.au detailing:

  • Name
  • Affiliation
  • Contact details

Registered attendees will be emailed WebEx details by Thursday, 9 December 2021.

Meeting Papers

Download meeting papers [PDF 4.25MB]

Item Report by Time
NON-PUBLIC SESSION    
1.         Matters for non-public session* Chair 10.00am
PUBLIC SESSION    
2.         Introduction   10.15am
  1. Attendees and apologies
  2. Declarations of interest 
 Chair
Chair		  
3.         Matters for noting/action   10.20am
  1. Minutes of previous meeting – 22 September 2021
  2. Matters arising
 Chair
Chair		  
4.        Oversight of Australian Standards (Accounting and Auditing) per s225(1) to s225(2A)   10.30am
  1. Accounting Standards
  2. Update on Independent AASB1049 Post Implementation Review
  3. Auditing Standards
 Keith Kendall
Kim Langfield-Smith
Bill Edge		  
5.        Oversight of Audit Quality per s225(2B) to s225(2C)   11.30am
  1. Proposed audit quality survey
  2. Audit disciplinary processes
  3. Emerging issues, including strategic themes and strategic risks to audit quality.
 Chair
Chair
Chair		  
Lunch   12.30pm
6.          Monitoring and influencing Australian developments   1.00pm
  1. Stakeholder reports
  • Note in addition to the 11 stakeholder reports provided at item 6A, responses confirming nil updates were received from four stakeholders.
  1. XBRL reporting
 Chair


Douglas Niven		  
7.         Monitoring and influencing international developments   2.00pm
  1. International developments
  2. Report by XRB – verbal
 Chair
Michele Embling		  
8.         Peer review survey   2.15pm
  1. FRC peer review survey results
  2. AASB peer review survey results – verbal
  3. AUASB peer review survey results – verbal
 Chair
Keith Kendall
Bill Edge		  
9.        Other business   2.45pm
  1. Extended External Reporting update
  2. FRC website statistics
  3. FRC meeting dates for 2022
 Chair
Chair
Chair		  
10.       Next meeting and close   4.00pm
  1. Next meeting date to be confirmed
 Chair  

* Agenda item 1 will be held in private. The order of agenda items may be changed during a meeting.

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Notices of Meeting