1. “Scandals” or media beat ups? Crisis or blessing? The United States Australia – how does the Australian system work? What responses have we seen in Australia? Just in time – a real-time update OVERVIEW

3. Yes, it is the end of a boom cycle, but it seems much worse because more shareholders are affected. In Australia over 50% of the population hold shares.

4. “Rules, excessively written, can encourage avoidance and an attitude of ‘show me where it says you can’t do it’”. Australian Prime Minister John Howard

5. The Australian system CALDB Companies Auditors and Liquidators Disciplinary Board ASIC Australian Securities and Investments Commission PROFESSIONAL BODIES - ICAA & CPA AARF Australian Accounting Reserch Foundation ASX Australian Stock Exchange AuASB Australian Auditing and Assurance Standards Board UIG Urgent Issues Group FRC Financial Reporting Council GOVERNMENT REGULATION ACCOUNTING AUDIT STANDARD-SETTING AASB Australian Accounting Standards Board

6. REGULATION CALDB Companies Auditors and Liquidators Disciplinary Board ASIC Australian Securities and Investments Commission ASX Australian Stock Exchange The CALDB takes disciplinary action against registered company auditors and liquidators that have acted in a manner that does not uphold the standards expected of their profession. These actions include the cancelling of a person's legal entitlement to act as a registered company auditor or liquidator. ASIC enforces company and financial services laws to protect consumers, investors and creditors. ASIC regulates and informs the public about Australian companies, financial markets, financial services organisations and professionals who deal and advise in investments, superannuation, insurance, deposit taking and credit. Given its enforcement role, ASIC is sometimes referred to as 'the corporate cop'. ASX operates Australia’s primary national stock exchange for equities, derivatives and fixed interest securities. It also provides compre- hensive market data and information to a range of users. In 1998 it became a listed company, which meant that ASX shares are listed for trading on ASX's own market.

7. STANDARD-SETTING AARF Australian Accounting Reserch Foundation AuASB Australian Auditing and Assurance Standards Board UIG Urgent Issues Group FRC Financial Reporting Council AASB Australian Accounting Standards Board The FRC is the peak body responsible for the broad oversight of the accounting standard setting process for the private and public sectors. Key functions of the FRC are to advise the Government on the accounting standard setting process and the development of international accounting standards. The AASB is the technical body responsible for the development and approval of Australian Statements of Accounting Concepts (SACs) and Australian Accounting Standards (known as the AASBs) which have the force of law. The Board releases exposure drafts (for proposed new standards) to elicit feedback from financial reporting constituents. The UIG is a committee of the AASB. Its role is to provide timely guidance on urgent financial reporting issues prevent unsatisfactory reporting practices. The role of the AuASB is to develop high quality professional standards and related guidance for auditors and providers of other assurance services, as a means to enhance the relevance and reliability of information provided to users of Auditing & Assurance services. The AARF was established jointly by the Institute and CPA Australia. Since 2000, the AARF has acted as the technical research engine of the Auditing & Assurance Standards Board (AuASB) and the Legislation Review Board (LRB).

8. THE PROFESSIONAL BODIES The Institute of Chartered Accountants in Australia CPA Australia

9. Section 297 of the Australian Corporations and Securities Legislation clearly states : “The financial statements and notes for a financial year must give a true and fair view of the financial position and performance of the company, registered scheme, or disclosing entity.”

10. Key recommendations of the Ramsay Report Support ICAA’s FI independence rules (new IFAC independence guidelines) Audit rotation of partners Independent public oversight board Independent audit committees