Following completion of a formal tender process the Commonwealth Bank will recommend to shareholders at its 2007 Annual General Meeting the appointment of PricewaterhouseCoopers as auditor effective from the beginning of the 2008 financial year.
The Bank’s current auditor, Ernst & Young, will remain responsible for the completion of the audit for the current financial year. Arrangements are being finalised between the Bank, PricewaterhouseCoopers and Ernst & Young to ensure a smooth transition to the new auditor.
Commenting on the appointment, Commonwealth Bank CEO, Ralph Norris said: "Following an intensive process the Board is pleased to recommend the appointment of PricewaterhouseCoopers as the Bank’s new auditor. We would like to thank our current auditor, Ernst & Young, for its valuable contribution over the last decade and we look forward to our continuing relationship".