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

35 days left to have your say
Date
-
Consultation Type
Consultation Paper

Key Documents

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

 

Responding

You can submit responses to this consultation up until 28 June 2024. Interested parties are invited to comment on this consultation.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

View our submission guidelines for further information.

How To Respond

Email

CCAU@treasury.gov.au

Post

Address written submissions to:

Director
Corporate Conduct and Analysis Unit
Market Conduct and Digital Division
Treasury
Langton Cres
Parkes ACT 2600

Enquiries

Email: CCAU@treasury.gov.au