Parliamentary inquiry into Audit Quality

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The need for the parliamentary inquiry

Audit quality is a global issue that requires global reforms in the recent years following the change in business environment, increasingly diverse and scalable business operations, more complex regulatory and reporting requirements, company transactions and business structures in the last few decades. To meet the enhanced demand created through this complexity, stakeholders’ expectations regarding audit have also changed and this has also caused in professional services firms being engaged in multidisciplinary assurance and non-assurance services at one for same clients, such as provision of non-audit advisory and consultancy, tax and policy advisory, technology and data science etc. The interaction of these services directly results in potential conflicts of interest (Parliament of Australia, 2020). In such situation, there are requirements to be met in the APES 110 Code of Ethics for Professional Accountants and there is a need to evaluate whether there is a need to regulate the competition in the audit and related audit and non-assurance services, as well as its effects on the audit quality (Lian, 2019).

The report sought from the Joint Committee of Parliament is also set to determine the role of audits in detecting and preventing frauds and other deliberate misconduct in financial reporting. The role of regulators and performance, disciplinary bodies in the effective enforcement of regulation (Lian, 2019)...

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