The following matters were 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:
- the relationship between auditing and consulting services and potential conflicts of interests;
- other potential conflicts of interests;
- the level and effectiveness of competition in audit and related consulting services;
- audit quality, including valuations of intangible assets;
- matters arising from Australian and international reviews of auditing;
- changes in the role of audit and the scope of audit products;
- the role and effectiveness of audit in detecting and reporting fraud and misconduct;
- the effectiveness and appropriateness of legislation, regulation and licensing;
- the extent of regulatory relief provided by the Australian Securities and Investments Commission through instruments and waivers;
- the adequacy and performance of regulatory, standards, disciplinary and other bodies;
- the effectiveness of enforcement by regulators; and
- any related matter.