09 March 2006
Sydney, 9 March 2006: Eminent jurist and long term consultant to Clayton Utz, Professor Andrew Rogers QC shows no signs of slowing down.
Professor Rogers was recently appointed as the Inaugural Chair of the Audit Quality Review Board (the AQRB).
The newly launched body, funded by the 'Big Four' accountancy firms (Pricewaterhouse-Coopers, KPMG, Ernst & Young, and Deloitte), aims to promote "greater robustness and transparency in the quality monitoring processes" for audits of publicly-listed entities. The body's work is intended to complement the work conducted by ASIC.
As a former Chief Judge of the Commercial Division of the Supreme Court of NSW Professor Rogers built a formidable reputation presiding over a series of precedent setting cases on corporate governance, audits and financial disputes.
Professor Rogers says that part of the Board's focus will be increasing the safeguards that protect Australian business from the sort of corporate collapses seen with HIH Insurance and OneTel.
"There is no doubt that the auditing profession faces a number of significant challenges. For example, the regulatory enforcement environment is becoming increasingly complex. Or it may be that a business loss by a client may lead not only to litigation but even, on the basis of a single indictment, without any subsequent conviction, to a situation that results in the destruction of thousands of jobs.
"The Board intends to safeguard standards and restore confidence in Australia's auditing framework," Professor Rogers said. "The AQRB will spend about two weeks with each of the Big Four firms reviewing audits selected at random. A summary report on the quality of the audits will be made public.
"Establishing the Board demonstrates the profession's desire to see the quality of its work assessed and improved. The depth of expertise offered by the Board with its collection of individuals who have been leaders across a range of diverse backgrounds will no doubt assist in solutions offering long term and sustainable improvement."
As well as his consultancy with Clayton Utz, Professor Rogers regularly acts as a mediator and arbitrator in commercial disputes, both domestic and international, including disputes in financial matters.
