The Minister appoints the Chair of the AUASB. The Chair of the AUASB is accountable to the Minister regarding the operations of the AUASB and the Office of the AUASB.
Financial Reporting Council
Responsible to the Minister, the FRC provides broad strategic direction and advice to the AUASB and has oversight of the process for setting auditing and assurance standards in Australia. The FRC appoints Board members to the AUASB for various terms.
The AUASB an Australian non-corporate Government Entity responsible for making auditing standards under section 336 of the Corporations Act 2001 for the purposes of the corporations legislation. The AUASB also formulates auditing and assurance standards for other purposes and participates in and contributes to the development of a single set of international auditing standards for worldwide use. The AUASB’s vision and strategies are set out on page 7. Further detail on the AUASB’s functions are set out in Appendix A.
Board appointments may be made for a period of up to three years and retiring members are eligible for reappointment for a maximum of three terms.
The Board met ten times during the year. Attendance of members at these meetings is set out in Appendix B.
Office of the AUASB
The Office of the AUASB provides technical support and administrative services, information and advice to the AUASB. The Chair of the AUASB is also the Chief Executive Officer of the Office of the AUASB, however the CEO responsibilities have been delegated (to the maximum extent permitted) to the Managing Director.
Roger Simnett, Chair
Roger Simnett was appointed as Chair of the AUASB and CEO of the Office of the AUASB for a five-year term from 1 April 2017 until March 31, 2022.
The duties of the Chair and CEO of the AUASB are outlined in sections 235D to 235J of the Australian Securities and Investments Commission Act 2001.
As Chair of the AUASB, he is also a member of the FRC and a member of NZAuASB. In September 2018 Roger was appointed to the IAASB as a board member.
The AUASB comprised an independent part-time Chair (appointed by the Minister) and 10 part-time members (appointed by the FRC).