Thursday, November 12, 2020
The Auditing and Assurance Standards Board (AUASB) welcomes the release of the final report of the Parliamentary Joint Committee’s (PJC) on Corporations and Financial Services Inquiry on the Regulation of Auditing in Australia.
The AUASB supports all activities that promote continuous improvement in audit quality, transparency and professional conduct across the auditing profession. The final recommendations in the PJC’s report will now be considered by the AUASB to ascertain how its future standard-setting activities can continue supporting the Australian Government in its pursuit of improved auditing processes for both the public and private sector.
Professor Roger Simnett, Chair of the AUASB, noted that “The AUASB has been pleased to contribute to this inquiry via our submissions and evidence, and we welcome confirmation of the recommendations from the Parliamentary Joint Committee’s interim report which suggested worthwhile reforms that we consider will improve audit quality across the profession. We look forward to collaborating with other regulatory bodies and stakeholders, such as the Australian Accounting Standards Board, Accounting Professional & Ethical Standards Board, Financial Reporting Council and Australian Securities and Investments Commission, to address the Parliamentary Joint Committee’s recommendations.”
A copy of the final report of the Parliamentary Joint Committee on Corporations and Financial Services inquiry on the Regulation of Auditing in Australia is available here.