Please use this identifier to cite or link to this item: http://hdl.handle.net/2440/124085
Type: Journal article
Title: An analysis of the inconsistencies regarding the co-regulatory environment for registered company auditors in Australia
Author: Bessell, M.
Powell, L.
Richardson, G.
Citation: Australian Business Law Review, 2017; 45(4):322-336
Publisher: Thomson Reuters
Issue Date: 2017
ISSN: 0310-1053
Statement of
Responsibility: 
Max Bessell, Lisa Powell and Grant Richardson
Abstract: This article examines the inconsistencies regarding the co-regulatory environment for registered company auditors in Australia with particular reference to two regulator groups: (1) the Australian Securities and Investments Commission (ASIC); and (2) the professional accounting bodies. Francis framework for quality audits is used as a basis to analyse this co-regulatory environment. This article finds that this environment is inconsistent in terms of: the selection bias of the ASIC inspection program; access to client engagement documentation; interaction between professional accounting bodies and ASIC; non-Corporations Act audits and legal enforceability; differences in ASIC inspections versus quality reviews; and auditor option choice and stakeholder protection. Hence, there are registered company auditors (RCAs) who may be negligent (either intentionally or unintentionally) and have little possibility of being detected or if detected, may not be subject to legislative sanctioning.
Rights: © Thomson Reuters (Professional) Australia Limited.
RMID: 0030090540
Published version: https://www.westlaw.com.au/maf/wlau/app/document?docguid=I5a9a8843920811e7be59cb1c09a21711&tocDs=AUNZ_AU_JOURNALS_TOC&isTocNav=true&startChunk=1&endChunk=1
Appears in Collections:Business School publications

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