Outcomes Of Consultation – Regulation Of Accounting, Auditing And Consulting Firms In Australia

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Treasury's May 2024 consultation on regulating accounting, auditing and consulting firms—prompted by the PwC scandal—received 36 submissions (35 non-confidential) and 16 stakeholder sessions. This ministerial submission recommends publishing non-confidential submissions alongside a forthcoming Treasury options paper. Stakeholders broadly agreed the consultation accurately identified policy issues and endorsed the premise that audit quality and independence strengthen capital market integrity. A key finding was a regulatory gap: while audit partnership management decisions affect audit quality and independence, current regulations apply only to individual registered auditors, making it difficult for regulators to take enforcement action against partnerships for misconduct. Large multidisciplinary firms structured as partnerships lack ASIC regulation despite their significance. The submission seeks ministerial agreement to concurrent publication of submissions with the options paper, noting positive engagement with states and territories on the shared regulatory framework.