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14    Corporations and Financial Services—Joint Statutory Committee—Reference —Regulation of auditing in Australia

Senator O’Neill, pursuant to notice of motion not objected to as a formal motion, moved general business notice of motion no. 79—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 put and passed.