This submission contains our comprehensive plan for audit and risk in Australia. It is timely to explore ways to improve and enhance the confidence, relevance, and quality of auditing in Australia. This also provides an opportunity to re-examine the risks facing Australian businesses and consumers and how these can be well managed through good business practice and governance. A more integrated and consistent approach to how Australians are covered on risks such as fraud, misconduct and corporate failure is essential to ensure good business outcomes are achieved.

Our 15 Point Plan sets out how auditors, boards/audit and risk committees, management/CFOs, and other key participants in the chain should refocus their approach to ensure: 

1. Conflicts of interest are mitigated and meet public expectations 
2. The level of risk tolerance and management are in keeping with the business environment, and
3. The quality of audits continue to be well resourced, robust and transparent to key decision makers.

Our vision has been developed through extensive outreach with members, including roundtables and workshops around the states and in New Zealand, and through our advisory committees and the CA ANZ Board. We have also engaged with broader stakeholders from business, investor and governance groups in addition to parliament and government.

This is our second submission to the committee. Our initial submission contained a simple plain language introduction to some key background information, along with international comparisons.