Terms of reference 5 to the inquiry refers to matters arising from Australian and international reviews of auditing. Examine the submissions authored by the FRC, Deloitte, EY, KPMG, the APSEB and ASIC: a. Explain how each submission responded to terms of reference 5. b. Discuss and explain whether the responses by Deloitte, EY and KPMG were consistent with either public interest theory and / or capture theory c. Discuss and explain whether the submissions by the APESB and ASIC were consistent with the arguments in favour of the regulation of accounting or the "free market" approach which argues for less regulation. References Australian Accounting Standards Board (AASB) (2019) AASB submission to Inquiry into Regulation of Auditing October 2019 BAO 3309 Research Assignment TNE Campus Semester 1 2020 Accounting Professional & Ethical Standards Board Limited (APESB) (2019) RE: Inquiry into the Regulation of Auditing in Australia 28 October 2019 Australian Securities and Investments Commission (ASIC) (2019) PJC INQUIRY INTO THE REGULATION OF AUDITING Submission by the Australian Securities and Investments Commission CPA Australia Ltd (2019) Submission on Parliamentary Joint Committee (PJC) on Corporations and Financial Services Inquiry Regulation of auditing in Australia Deloitte (2019) Deloitte submission to the inquiry into the regulation of auditing in Australia 28 October 2019 Ernst & Young (EY) (2019) Regulation of Auditing inquiry Parliamentary Joint Committee on Corporations and Financial Services EY Submission 28 October 2019 Financial Reporting Council (FRC) (2019) Parliamentary Joint Committee on Corporations and Financial Services: Inquiry into Regulation of Auditing Submission 25 October 2019 KPMG (2019) Advancing trust in audit A submission to the Parliamentary Joint Committee on Corporations and Financial Services on regulation of auditing in Australia PWC (2019) Submission to Parliamentary Joint Committee on Corporations and Financial Services Terms of reference 5 to the inquiry refers to matters arising from Australian and international reviews of auditing. Examine the submissions authored by the FRC, Deloitte, EY, KPMG, the APSEB and ASIC: a. Explain how each submission responded to terms of reference 5. b. Discuss and explain whether the responses by Deloitte, EY and KPMG were consistent with either public interest theory and / or capture theory c. Discuss and explain whether the submissions by the APESB and ASIC were consistent with the arguments in favour of the regulation of accounting or the "free market" approach which argues for less regulation. References Australian Accounting Standards Board (AASB) (2019) AASB submission to Inquiry into Regulation of Auditing October 2019 BAO 3309 Research Assignment TNE Campus Semester 1 2020 Accounting Professional & Ethical Standards Board Limited (APESB) (2019) RE: Inquiry into the Regulation of Auditing in Australia 28 October 2019 Australian Securities and Investments Commission (ASIC) (2019) PJC INQUIRY INTO THE REGULATION OF AUDITING Submission by the Australian Securities and Investments Commission CPA Australia Ltd (2019) Submission on Parliamentary Joint Committee (PJC) on Corporations and Financial Services Inquiry Regulation of auditing in Australia Deloitte (2019) Deloitte submission to the inquiry into the regulation of auditing in Australia 28 October 2019 Ernst & Young (EY) (2019) Regulation of Auditing inquiry Parliamentary Joint Committee on Corporations and Financial Services EY Submission 28 October 2019 Financial Reporting Council (FRC) (2019) Parliamentary Joint Committee on Corporations and Financial Services: Inquiry into Regulation of Auditing Submission 25 October 2019 KPMG (2019) Advancing trust in audit A submission to the Parliamentary Joint Committee on Corporations and Financial Services on regulation of auditing in Australia PWC (2019) Submission to Parliamentary Joint Committee on Corporations and Financial Services