Appointment of External Auditors & Rotation of the External Audit Partners

In addressing the requirements of External Auditors, the Audit Committee will be required to review the performance of the External Auditor including the following factors:-

• qualifications of the Auditor
• independence
• experience of the lead signing Partner
• value
• experience of the firm involved

In the event the Audit Committee wishes to recommend the selection of another External Auditor to the Board, then it will carry out a general or selective process requesting expressions of interest from candidates.

The Audit Committee is required to make an appropriate recommendation to the full Board on the appointment of the Auditor.

Rotation of External Audit Partners

The Audit Committee will be required to ensure that the partner in charge of the external audit firm will only be responsible for the group audit for no more than five consecutive years commencing from 1 July 2006.

Policy Managing Director/Chief Executive Officer and Chief Financial Officer Attestations

The form of the attestations required to be completed by the MD/CEO and CFO prior to the acceptance of the annual accounts should state in writing to the Board that:-

• The financial records of Wide Bay Australia Ltd (Wide Bay) for the financial year have been properly maintained in accordance with Section 286;
• The financial statements and notes for the financial year comply with accounting standards; and
• The financial statements and notes for the financial year give a true and fair view.