Senate debates

Thursday, 1 August 2019


Corporations and Financial Services Committee; Reference

11:49 am

Photo of Deborah O'NeillDeborah O'Neill (NSW, Australian Labor Party) Share this | | Hansard source

I move:

That the following matter be referred to the Parliamentary Joint Committee on Corporations and Financial Services for inquiry and report by 1 March 2020:

Regulation of auditing in Australia with particular reference to:

(a) the relationship between auditing and consulting services and potential conflicts of interests;

(b) other potential conflicts of interests;

(c) the level and effectiveness of competition in audit and related consulting services;

(d) audit quality, including valuations of intangible assets;

(e) matters arising from Australian and international reviews of auditing;

(f) changes in the role of audit and the scope of audit products;

(g) the role and effectiveness of audit in detecting and reporting fraud and misconduct;

(h) the effectiveness and appropriateness of legislation, regulation and licensing;

(i) the extent of regulatory relief provided by the Australian Securities and Investments Commission through instruments and waivers;

(j) the adequacy and performance of regulatory, standards, disciplinary and other bodies;

(k) the effectiveness of enforcement by regulators; and

(l) any related matter.

Question agreed to.