1 The Australian Securities and Investments Commission (ASIC), under the Corporations Act 2001, is responsible for the enforcement of the Accounting Standards in Australia in the preparation of financial reports.

https://www.aasb.gov.au/About-the-AASB/Frequently-asked-questions.aspx

I.Explain how Accounting Standards can help protect consumers and investors in the financial system.

2

The Tax Practitioners Board requires all Tax agents and BAS agents to follow a Code of Professional Conduct.

https://www.tpb.gov.au/code-professional-conduct-bas-agents

I.Explain how the TPB Code of Professional Conduct can assist consumers and professionals in the financial system, refer to the principles with which professional accountants should comply.