View the report as separate downloadable parts:

Members

Recommendations

Abbreviations

Chapter 1—Introduction

  Duties of the committee
  Terms of reference
  Conduct of the inquiry
  Scope of inquiry
  Background
  Concerns about audit quality
  Committee comment
  Structure of this report
  Government and agency response

Chapter 2—Legislative and regulatory framework

  Overview
  Regulatory oversight
  Auditors' duties
  Auditor independence requirements

Chapter 3—Audit quality in Australia

  Perceptions on audit quality in Australia
  Suggestions for improvement
  Professional scepticism
  The role of management and directors
  Committee view

Chapter 4—Threats to auditor independence

  Provision of non-audit services to audited entities
  Auditor familiarity with audited entities
  Committee view

Chapter 5—Meeting user expectations

  Expectations regarding fraud, misconduct and economic viability
  Expanding the scope of audit
  Digital Financial Reports
  Committee view

Appendix 1—Submissions, answers to questions on notice, correspondence, additional hearing information and tabled documents

Appendix 2—Public hearings