External Auditor Selection and Rotation Policy - Summary
The information provided on the BlueScope Steel External Auditor appointment and rotation arrangements is a summary only and does not constitute or represent the conditions on which BlueScope Steel will conduct any tender for the external auditor or assess any responses received. The procedure for the selection and appointment of the external auditor may vary from time to time depending on a range of factors.
Selection and appointment of external auditors
The procedures for the selection and appointment of BlueScope Steel's external auditor is based on the following framework:
- the Board is responsible for appointing the external auditor, subject to confirmation by shareholders at the Company's Annual General Meeting; and
- the Audit and Risk Committee is responsible for implementing a selection process and making a recommendation to the Board based on their assessment of the responses received from potential external auditors. In making any recommendation, the Audit and Risk Committee will consider involving certain senior executives to comment on the responses received.
The assessment of responses from potential external auditors takes into account a number of key criteria, including audit approach and methodology, internal governance processes, global resources, key personnel and cost.
Once the review process has taken place the Audit and Risk Committee provides the Board with information concerning the process adopted in undertaking the review, the recommended external auditor and the reasons for final recommendation.
Rotation of external audit engagement partners
In line with current professional standards the Company requires the audit partners and review partners of its external auditor to rotate every 5 years.
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BlueScope Steel Limited ABN 16 000 011 058 BlueScope is a trademark of BlueScope Steel Limited
