Australian accounting bodies have called for an overhaul of the securities commission’s regulation of auditors to strengthen its powers.
The Institute of Public Accountants criticized the Australian Security and Investment Commission’s lack of enforcement abilities and called for it to be merged with the Companies Auditors Disciplinary Board. Currently, if the ASIC finds an auditor’s conduct to be deficient, it can refer the matter to the CADB.
Information on accountants breaching the law should be shared with regulators and professional bodies through a formal process to protect the public interest, the IPA said in its June 1 submission.
The ...
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