Ann: Update - ASX Enquiry, page-160

Silent-Bubbles - just to take one of your points in your response at this stage.

When you say that the auditors "were in fact changed by both VIC and HDY BOD's in the last 2 years of their respective reporting." that is true on the surface.

It would be interesting to know the reasons for HDY changing auditing firms. I presume the reason or reasons would have been discussed and some record of the reasons noted.

In the case of VIC, however, it was merely a change of auditor and not the actual firm I believe. It is common practice for auditors to be switched after so long (say 5 years) doing the books so that they do not become too close to the firm. So just a little bit of detail that may have escaped your notice there SB.

So far as ASIC approval for changing auditors that is pretty much just a rubber stamp process so no big deal.

I will come back to some other points in due course.