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EVIDENCE-INFORMED STANDARD SETTING AND THOUGHT LEADERSHIP

Over the past year, we have continued to build our thought leadership activities. For example, we have undertaken research to identify the impact of the AASB-AUASB guidance on disclosures of climate change in the financial statements, which we released last year. We also saw the outcomes from our first cohort of AUASB Academic Scholars, including the publication of the Research Report, Audit Market Structure and Competition in Australia, 2012 – 2018 (authored by AUASB Academic Scholar Professor Elizabeth Carson, UNSW Sydney), which provided an evidence-based perspective on the market for the listed company audits in Australia – an important consideration when assessing the current regulations governing the Australian audit market. This report was referenced as part of the PJC Inquiry into Australian audit quality. Additionally, Professor Elizabeth Carson also authored the Research Report, The Provision of Non-Audit Services by Audit Firms in Australia, 2012 – 2018, which provided an evidence-based perspective on the size and changes in the non-audit services market in Australia for ASX-listed companies. This report included a detailed analysis of the Australian market for non-audit services provided by auditors to their audit clients and demonstrates that this has declined in the period from 2012 to 2018. This is an important input into any future proposal to further regulate the Australian audit market. Our second AUASB Academic Scholar, Dr Amanda White, from University of Technology Sydney, has also provided us with her communication and media expertise, which will help to raise, in particular, AUASB’s social media presence.