Date posted: 15/12/2017 3 min read

Chartered Accountants ANZ convenes roundtable to debate audit quality with accountants, regulators and business

Discussion focused on strengthening audit quality and integrity

Liz Stamford

Liz Stamford. General Manager Policy, and Audit & Insolvency Leader at CA ANZ

Sydney, 7 December 2017 - Chartered Accountants ANZ (CA ANZ) today hosted a roundtable of senior representatives from the audit profession, business and regulators to discuss the quality, integrity and future of audit in Australia.

Liz Stamford, General Manager Policy, and Audit & Insolvency Leader at CA ANZ, convened the roundtable in response to the recent public debate about the integrity of the Australian audit profession, and to consolidate the productive discussions already taking place between various stakeholders.

The roundtable gave the attendees an opportunity to:

  • share views on matters affecting Australia’s audit market and its role in Australia’s capital markets;
  • identify activities supporting the integrity of the audit market; and 
  • resolve on a shared commitment to support the quality of audit in Australia.

“All the stakeholders are committed to ensuring high-quality audits to maintain confidence in Australia’s capital markets and the broader economy,” Stamford said.

“It is clear we need to work in partnership to maintain a strong audit profession and uphold audit quality. There are also significant opportunities to work with business directors to make improvements, and to take into account the advances in technology and artificial intelligence revolutionising audits. As a group, we agreed that continuing these discussions could play a key role in advancing this shared goal.” 

Attendees at CA ANZ event included prominent representatives from:

  • Auditing and Assurance Standards Board;
  • Australian Auditing and Accounting Public Policy Committee;
  • Australian Institute of Company Directors, including senior audit committee chairs;
  • Australian Securities & Investments Commission;
  • CPA Australia;
  • Deloitte;
  • EY;
  • Financial Reporting Committee;
  • Grant Thornton;
  • KPMG;
  • NSW Auditor-General; and
  • PwC.