Question
In August of 2019, the Parliamentary Joint Committee on Corporations and Financial Services commenced an inquiry into auditing regulation in Australia. This inquiry was instigated
In August of 2019, the Parliamentary Joint Committee on Corporations and Financial Services commenced an inquiry into auditing regulation in Australia. This inquiry was instigated by the ASIC warnings regarding the need to improve audit quality after their audit inspections. Following several submissions from interested parties, an interim report and a final report were formed in 2020 after public hearings held across November and December 2019. There was recommendation 4 :
The government to amend the Corporations Act to require auditors confirm they have not provided prohibited non-audit services. |
Provide potential suggestions on the implementation aspect of the recommendation in the Australian audit context, with an example.
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