Chartered Accountants ANZ (CA ANZ) has raised concerns about the lack of consultation on issues impacting the accounting and auditing professions following an announcement today regarding the amalgamation of the Australian Accounting Standards Board (AASB), the Auditing and Assurance Standards Board (AUASB) and the Financial Reporting Council (FRC) into a single entity.

CA ANZ’s Group Executive Advocacy and International Development, Simon Grant, said that while there may be sound intentions behind today’s announcement, the Government has not consulted broadly enough.

“While it is good to see concerted efforts and focus on implementing important climate and sustainability standards – something we have consistently shown a willingness to work with the Government on – we are disappointed the announcement was made without effective profession, industry and capital markets consultation,” said Mr Grant.

Mr Grant said he is concerned by the lack of detail around important issues such as adequate funding and ensuring Australia’s alignment to international accounting, audit and sustainability standards setters.

“CA ANZ and many other stakeholders have urged the government to establish a focused sustainability standards board to have the right expertise and international alignment from the outset.

“Today’s announcement is the largest reform to the accounting and audit standard setting bodies in decades and yet it was revealed via a speech in a public forum,” he said.