Appendix 5International comparison of regulatory bodies
Table 5.1Bodies performing registration, standard setting, oversight, and enforcement functions in the auditing sector – international comparisons
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Auditor registration | PCAOB | ASIC | UK FRC (for PIEs), professional bodies | FMA, professional bodies |
Establishing audit-related standards |
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-Auditing | PCAOB, AICPA | AUASB | UK FRC | XRB (via NZAUASB) |
-Quality control | PCAOB | AUASB, APESB | UK FRC | XRB |
-Ethics | PCAOB | APESB | UK FRC | XRB |
-Independence | PCAOB | APESB | UK FRC | XRB |
Oversight of audit standard setters | SEC, AICPA, PCAOB | FRC | Government | XRB |
Audit surveillance and enforcement |
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-Compliance with legislation | PCAOB, AICPA, SEC | ASIC | UK FRC | FMA |
-Inspections (Surveillance), investigations | PCAOB, AICPA, SEC | ASIC | UK FRC, professional bodies | FMA, professional bodies |
-Disciplinary proceedings | PCAOB, AICPA, SEC | CADB, courts | UK FRC | FMA, courts, professional bodies |
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Source: Reproduced from the Treasury consultation paper, Regulation of accounting, auditing and consulting firms in Australia, Consultation paper, April 2024, pp. 34–35. PCAOB mean Public Company Accounting Oversight Board, AICPA means American Institute of Certified Public Accountants, FMA means Financial Markets Authority (NZ), XRB means External Reporting Board (NZ), NZAUASB means NZ Auditing and Assurance Standards Board, PIE means Public Interest Entity, SEC means US Securities and Exchange Commission.