CA ANZ fully supports efforts to close regulatory gaps in Australia and looks forward to informing Treasury’s new consultation into the regulation of accounting, auditing and consulting.
The paper presents a wide range of options that require careful consideration to identify the most effective measures to close regulatory gaps and strengthen accountability, independence and audit quality in the public interest.
We will work constructively with Treasury and ASIC on getting the settings right to prevent unintended consequences, particularly for smaller firms.
Recent events have reinforced the value of a well-coordinated regulatory framework in which professional bodies, ASIC, the Tax Practitioners Board and other oversight bodies each play an important and complementary role.
As Assistant Treasurer Dr Mulino noted today, professional membership bodies will continue to play an important role.
Maintaining trust in the audit profession relies on a combination of effective regulation, strong professional standards and a shared commitment to accountability across the system.
As a private membership body, CA ANZ educates and regulates members’ individual professional and ethical conduct, with disciplinary processes that operate under our own By-Laws, which members voted to strengthen in October 2023.
As we said in our opening statement to the Parliamentary Joint Committee: CA ANZ will use every tool at our disposal to hold members accountable. But the regulatory framework around audit must keep pace.
CA ANZ is doing its part; the rest of the system must do the same. Which is why we will continue to support reforms that address the longstanding regulatory gaps we have repeatedly drawn attention to.
Strong public confidence in the profession depends on regulators, professional bodies and firms working together to support high standards, accountability and trust in the system.
Attention Editors: This statement can be attributed to a CA ANZ Spokesperson
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Chartered Accountants Australia and New Zealand represents more than 140,000 financial professionals, supporting them to make a difference to the businesses, organisations and communities in which they work and live. Chartered Accountants are known as Difference Makers. The depth and breadth of their expertise helps them to see the big picture and chart the best course of action.
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