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The Government’s Parliamentary Inquiry into audit quality is welcomed by the AUASB. We support all activities that promote continuous improvement in audit quality, transparency and professional conduct across the auditing profession. We willingly and actively contributed to the PJC’s inquiry into the Regulation of Auditing in Australia through a formal submission, presenting evidence at public hearings and responding to several questions on notice for the AUASB from the Committee. Many of the AUASB’s points were included in their interim report, illustrating that not only are we aware of potential issues in audit quality, but that, through our standard-setting activities, we keep these at the forefront of our operations.
The AUASB’s standard-setting activities were focused on areas which may have a positive impact on audit quality. This resulted in a significant update to ASA 315 Identifying and Assessing the Risks Material Misstatement to encourage a more consistent and robust risk assessment to drive an appropriate and effective response to those risks, and GS 005 Evaluating the Appropriateness of a Management's Expert's Work to enhance audit quality in the area of the auditor’s use of management’s experts.