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Whitehaven Coal Limited : Annual Report 2013
104 Whitehaven Coal Limited Annual Report 2013 14. INDEMNIFICATION OF AUDITORS To the extent permitted by law, the Company has agreed to indemnify its auditors, Ernst & Young, as part of the terms of its audit engagement agreement against claims by third parties arising from the audit (for an unspeci ed amount). No payment has been made to indemnify Ernst & Young during or since the nancial year. 15. NON AUDIT SERVICES During the year Ernst & Young, the Company's auditor, has performed certain other services in addition to their statutory duties. The Board has considered the non-audit services provided during the year by the auditor and in accordance with written advice provided by resolution of the Audit and Risk Management Committee, is satis ed that the provision of those non-audit services during the year by the auditor is compatible with, and did not compromise, the auditor independence requirements of the Corporations Act 2001 for the following reasons: • all non-audit services were subject to the corporate governance procedures adopted by the Company and have been reviewed by the Audit Committee to ensure they do not impact the integrity and objectivity of the auditor; and • the non-audit services provided do not undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants, as they did not involve reviewing or auditing the auditor's own work, acting in a management or decision making capacity for the Company, acting as an advocate for the Company or jointly sharing risks and rewards. Details of the amounts paid to the auditor of the Company, Ernst & Young, and their related practices for non-audit services provided during the year are set out below. Consolidated In AUD 2013 2012 Non-audit services Ernst & Young Due diligence services 235,500 559,586 Taxation services -- MRRT 193,553 437,750 Other non-audit ser vices 120,479 -- 549,532 997,336 16. LEAD AUDITOR'S INDEPENDENCE DECLARATION In accordance with section 324DAA of the Corporations Act 2001 and the recommendation of the Audit Committee, the lead auditor's rotation period as auditor has been extended for two years to 30 June 2015, subject to an annual performance assessment by the Chair of the Audit Committee. The Board is satis ed that the extension will maintain the quality of the audit and will not give rise to any con icts of interest for the reasons set out below: 1. A new independent partner will be appointed for the 2014 year end. 2. Extending the time period of the Lead Partner allows the preservation of knowledge on the engagement given the changes in operations and the Board and Audit Committee composition. 3. The existing independence and service metrics in place are su cient to ensure that auditor independence would not be diminished by such an extension. The Lead auditor's independence declaration is set out on page 106 and forms part of the Directors' report for nancial year ended 30 June 2013. Directors' Report
Annual Report 2012