Date 23 June 2000
Number 67/00
BHP ENTERS GLOBAL ALLIANCE FOR INTERNAL AUDIT FUNCTION
The Broken Hill Proprietary Company Ltd (BHP) today announced it would
outsource its internal audit function by entering into a global alliance
with leading international internal audit service provider,
PricewaterhouseCoopers.
BHP Chief Financial Officer Chip Goodyear said: "BHP will enter into a services
delivery arrangement with PricewaterhouseCoopers which will enable the Company
to access flexible, world-class internal audit and business support services
for our global operations. The Company will retain an internal strategic risk
management services capacity and continue its focus on risked based auditing."
"We currently have a high quality internal audit function in-house which is
widely regarded as a benchmark for the resources industry. We anticipate that
this agreement will enable the Company to access a broader scope of services
on a global scale and allow BHP to take the next step in the evolution of
providing value added internal audit services.
"As the extent of company-wide changes continues to evolve, we believe the
development of audit methodologies and processes may be more effectively and
economically provided by a global firm whose core business includes the
provision of internal audit services," Mr Goodyear said.
BHP's Risk Management and Audit function currently employs approximately 35
people including a number of contractors.
Mr Goodyear said: "A key tenet of the arrangement is that audit service quality
and continuity will not compromised during any transition. Accordingly, a
number of audit employees will be retained as part of the transition process
for up to 12 months. BHP will also seek to maximise employment opportunities
for audit staff impacted by the alliance."
Contact:
MEDIA RELATIONS INVESTOR RELATIONS
Mandy Frostick Dr Robert Porter
Manager Media Relations Vice President Investor Relations
Ph: 61 3 9609 4157 Ph: 61 3 9609 3540
Mob: 61 419 546 245 Mob: 61 419 587 456
Candy Ramsey
BHP Investor Relations Houston
Tel: (713) 961-8640
EMail: [email protected]
