Andrew Porter, CFO at AFIC and Chair of the G100, attended the APESB/CPAAU roundtable event to discuss the PJC Inquiry into Regulation of Auditing, at the end of September, in Sydney.
The APESB was interested in obtaining feedback on the operation of auditor independence standards and conflicts of interest standards enshrined in APES 110 Code of Ethics for Professional Accountants in preparation of their upcoming Submission.Additionally, APESB was seeking stakeholder feedback on the operation and effectiveness of its non-assurance services standards which address a range of services such as taxation, insolvency, valuation, forensic accounting, and transaction advisory services.
The roundtable discussions focused primarily on:
- the relationship between auditing and consulting services and potential conflicts of interests;
- other potential conflicts of interests;
- matters arising from Australian and international reviews of auditing as it pertains to professional and ethical standards;
- the adequacy and performance of regulatory, standards, disciplinary and other bodies; and
- related matters.