The Australian accounting body CPA Australia supports the ANAO’s performance audit of ASIC’s regulation of RCAs, finding oversight “partly effective.” Recommendations include clearer performance indicators and improved governance to enhance audit quality and market integrity. ANAO report identifies areas for improvement, such as performance measurement, remediation processes, enforcement priorities, stakeholder engagement, and ministerial expectations. CPA Australia recommends tiered surveillance reporting for better understanding and meaningful improvements in audit quality. They also encourage ongoing dialogue to align enforcement activities with audit quality objectives and support greater stakeholder engagement. ANAO emphasizes the need for more precise metrics to assess ASIC’s interventions in enhancing audit quality. CPA Australia welcomes ASIC’s commitment to strengthening remediation processes and its 2024/25 surveillance programme advancements. Tan stated readiness to work with ASIC and stakeholders to implement changes and strengthen trust in Australia’s financial reporting framework.

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