Overview During the reporting year: After a number of years during which no significant applications were brought to the Companies Auditors and Liquidators Disciplinary Board ('CALDB'), five new applications were received (1 administrative matter and 4 conduct matters). CALDB has implemented its revised and streamlined procedures in relation to these new applications. Three new members were appointed to CALDB: Ms Judith Downes and Mr David Sauer (Accounting members) and Ms Karen O’Flynn (Business member). Messrs Robert Ferguson, Bruce Gleeson and Eric Passaris were reappointed as accounting members. Mr David Castle was the Acting Deputy Chairperson for a period of three months. On 6 August 2013 (post the reporting year) Ms Maria McCrossin was appointed Deputy Chairperson of CALDB. We thank Mr Castle for his contribution to CALDB and welcome the new members and look forward to their participation in CALDB business. CALDB was informed by the Australian Securities and Investments Commission (‘ASIC’) of a review of the cost of providing support to CALDB, including through relocating the Board within ASIC’s premises. Section 11(2) the (‘ASIC Act’) provides Australian Securities and Investments Commission Act 2001 that ASIC’s functions include the function of providing such staff and support facilities to CALDB as are necessary or desirable for the performance of its functions and powers. CALDB believes that the need for the Board to be, and be seen to be, independent is vital to the performance of its functions. CALDB looks forward to a continued support in a way which facilitates this outcome. Overall, has sought to do everything possible on its part to provide a fair, expeditious and cost-effective outcome in the proceedings brought before it. A robust, effective and reliable regulatory framework for ensuring that designated standards applicable to auditors and liquidators are consistently met, underpins the confidence of investors and creditors in Australian companies and capital markets. The independent disciplinary role played by CALDB is a key aspect of that framework. CALDB continues to strive to fulfil that role properly and effectively.
Overview During the reporting year: After a number of years during which no significant applications were brought to the Companies Auditors and Liquidators Disciplinary Board ('CALDB'), five new applications were received (1 administrative matter and 4 conduct matters). CALDB has implemented its revised and streamlined procedures in relation to these new applications. Three new members were appointed to CALDB: Ms Judith Downes and Mr David Sauer (Accounting members) and Ms Karen O’Flynn (Business member). Messrs Robert Ferguson, Bruce Gleeson and Eric Passaris were reappointed as accounting members. Mr David Castle was the Acting Deputy Chairperson for a period of three months. On 6 August 2013 (post the reporting year) Ms Maria McCrossin was appointed Deputy Chairperson of CALDB. We thank Mr Castle for his contribution to CALDB and welcome the new members and look forward to their participation in CALDB business. CALDB was informed by the Australian Securities and Investments Commission (‘ASIC’) of a review of the cost of providing support to CALDB, including through relocating the Board within ASIC’s premises. Section 11(2) the Australian Securities and Investments Commission Act 2001 (‘ASIC Act’) provides that ASIC’s functions include the function of providing such staff and support facilities to CALDB as are necessary or desirable for the performance of its functions and powers. CALDB believes that the need for the Board to be, and be seen to be, independent is vital to the performance of its functions. CALDB looks forward to a continued support in a way which facilitates this outcome. Overall, has sought to do everything possible on its part to provide a fair, expeditious and cost-effective outcome in the proceedings brought before it. A robust, effective and reliable regulatory framework for ensuring that designated standards applicable to auditors and liquidators are consistently met, underpins the confidence of investors and creditors in Australian companies and capital markets. The independent disciplinary role played by CALDB is a key aspect of that framework. CALDB continues to strive to fulfil that role properly and effectively.
caldb-annual-report-2013.docx