External auditors

External auditor selection and appointment

The procedures for selecting and appointing BlueScope’s external auditor are based on the following framework:
  • the Board is responsible for appointing the external auditor, subject to confirmation by shareholders; and
  • the Audit Committee is responsible for implementing a selection process and making a recommendation to the Board based on its assessment of the responses received from potential external auditors.  In making any recommendation, the Audit Committee will consider involving certain senior executives to comment on the responses received.

The review process to assess responses from potential external auditors takes into account several key criteria including audit approach and methodology, internal governance processes, global resources, key personnel and cost.

Following its review, the Audit Committee presents to the Board on the process adopted in undertaking the review, the recommended external auditor and the reasons for final recommendation.

Note: This is a summary only and does not constitute or represent the conditions on which BlueScope will conduct any tender for the external auditor or assess any responses received.

Employee takes magnifying glass to paper work

Rotation of external audit engagement partners

The Company requires Key Audit Partners of its external auditor (including the Lead Audit Engagement Partner, the Independent Review Partner and any other Partners who make key decisions or judgements in relation to the audit of the consolidated Group, Parent Entity and material Subsidiaries) to rotate in accordance with current professional standards, including Section 324DA of the Corporations Act 2001. 

The Lead Audit Engagement Partner and Independent Review Partner are required to rotate every five years. All other Key Audit Partners are required to rotate every seven years.