We welcome the inquiry into auditing regulation and we believe this is a really important public conversation. To the average Australian, auditing can be quite a technical area and we want to help them access and weigh into the discussion. The committee secretary asked us to provide some plain language information about auditing in Australia and relevant comparisons and developments overseas, to help the Committee as well as others wishing to make submissions.
We have prepared some plain language 'frequently asked questions' starting with 'what is an audit' and simple visuals summarising the financial reporting and auditing regulatory eco-system. We have also outlined and provided links to key developments and background happening in the UK and elsewhere internationally so the inquiry can draw on up to date information around this – a critical aspect when things are moving so fast in some countries.
Our focus now moves to a second submission on the matters raised in the Terms of Reference which is due by end of October.