Response to PwC – regulation of accounting, auditing and consulting firms in Australia

This consultation paper is seeking stakeholder views and feedback on issues for Treasury’s consideration in relation to the regulation of accounting, auditing and consulting firms in Australia. This paper relates to the priority area identified for action in the Government’s PwC response: strengthening our regulatory arrangements.

This consultation paper seeks feedback and views on the following issues:

• the adequacy of prescribed governance requirements for large partnerships
• the adequacy of current professional standards, regulations and laws (including those relating to independence and the management of conflicts of interest)
• whether the transparency requirements for accounting, auditing and consulting firms are sufficient to:
  • give capital markets confidence that independent audit services are delivered in accordance with prescribed laws and standards
  • enable stakeholders to obtain the information they need to inform their engagement with the firm(s)
• the adequacy of regulatory enforcement capabilities and standard setting
• the protection of whistleblowers and
• competition/resilience in the audit sector.

Treasury roundtables

During the consultation period between 3 May and 28 June 2024, Treasury will be holding a number of roundtable discussions to supplement the written submissions process.

If you are interested in attending, please email an Expression of Interest (EOI) to CCAU@treasury.gov.au before 15 May 2024 to register. Please include the following information in your EOI:

• Name of individual(s), and the organisation/s represented (if relevant)
• Type of organisation if applicable, for example:
  • accounting and/or audit firms
  • consulting firms
  • professional or industry association
  • civil society
  • academia
• Contact details, including email and phone number/s
• Any times the individual/s will not be available