Chartered Accountants Australia and New Zealand (CA ANZ) has proposed a five-point reform package to strengthen the accountability, oversight and quality of the auditing profession in Australia.
The proposals are part of CA ANZ’s submission to the Australian Treasury’s consultation on regulating accounting, auditing and consulting companies.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
According to CA ANZ, the submission aims to close regulatory gaps, improve oversight and governance, and strengthen protections for whistleblowers.
The first proposal calls for mandatory Australian Securities and Investments Commission (ASIC) licensing for practices auditing public interest entities, while the second recommends an enforceable governance code for Australian audit operators.
Third, the submission proposes giving ASIC proportionate administrative powers and remediation tools, while preserving due process and fairness.
The fourth proposal calls for stronger whistleblower protections, ensuring that individuals in large professional services structures are not excluded from protection.
The fifth would limit the reforms’ scope to entities of clear public interest such as listed companies (disclosing entities) and registrable superannuation entities.
Additionally, the submission recommends extending ASIC’s jurisdiction to regulate audit companies directly, rather than only individual auditors.
CA ANZ CEO Ainslie van Onselen said: “The accounting profession plays a critical role in Australia’s economy and society, helping to build trust in the information relied on by businesses, investors, governments and the wider community.
“Our focus is on reforms that strengthen confidence, accountability and audit quality while recognising the important contribution the profession makes to Australia’s economic success.
“Professional bodies like CA ANZ have a vital role to play, supporting that commitment by setting expectations, upholding standards and promoting the values that underpin public trust.”
