As part of its submission to the parliamentary inquiry into audit, CA ANZ’s roadmap to the future provides new and better ways to improve the confidence, relevance and quality of audits.
"Organisations across the private and public sectors have come under major scrutiny, particularly over the last three years," said Amir Ghandar, CA ANZ Reporting & Assurance Leader.
"Clearly, a more integrated and consistent approach to how Australians are covered for risks such as fraud, misconduct and corporate failure is essential."
"Australians have a fair and reasonable expectation that auditing and other lines of defence will protect them from risks and shocks in their financial and consumer lives, and will similarly provide for confidence, integrity and transparency in business."
"There is a need to revisit independence rules and the assessment of how conflicts of interest are mitigated in an effort to keep pace with consumer and public expectations."
Ghandar says we should clarify and strengthen prohibitions on non-audit services provided by firms to companies they audit and introduce a "if not, why not" review on audit tenures.
"Simply, we have set out where the focus should be so risks are better managed and audit quality is consistently improving," said Ghandar.
The 15-point plan was developed through extensive engagement with Chartered Accountants and stakeholders from business, investor and governance groups and tapping into the latest from reviews happening overseas.
On behalf of its 125,000 members, CA ANZ look forward to continuing its advocacy efforts in the parliamentary inquiry into audit.
Our 15-point plan
Read our two submissions to the Inquiry into Regulation of Auditing in Australia.Find out more