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2 Mar. 2020

AUDITING AND ASSURANCE STANDARDS BOARD WELCOMES INTERIM REPORT OF THE PARLIAMENTARY INQUIRY INTO THE REGULATION OF AUDITING IN AUSTRALIA

The Chair of the Auditing and Assurance Standards Board (AUASB), Professor Roger Simnett AO, welcomes the release of the Parliamentary Joint Committee on Corporations and Financial Services’ Interim Report into the Regulation of Auditing in Australia.

The AUASB supports all activities that promote continuous improvement in audit quality, transparency and professional conduct across the auditing profession. We have willingly and actively contributed to the Parliamentary Joint Committee’s inquiry into the Regulation of Auditing in Australia through a formal submission, presenting evidence at public hearings and responding to several questions on notice for the AUASB from the Committee.

Professor Simnett said, “The AUASB welcomes the recommendations in the Parliamentary Joint Committee’s Interim Report and looks forward to considering these recommendations, working with the Financial Reporting Council, ASIC and other stakeholders to determine our response. In particular, I am pleased to note that the Parliamentary Joint Committee has highlighted many of the points raised in the AUASB’s submission to the inquiry in its Interim Report.”

The AUASB will now review the Interim Report in more detail and respond in a timely manner to the substantive policy recommendations that are relevant to the AUASB.