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   23   MESSAGE FROM THE SENATE

Message No. 28, 1 August 2019, from the Senate was reported informing the House that the Senate had agreed to the following resolution:

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.