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You are required to read the following statement issued by ICAA (Institute of Chartered Accountants in Australia and provide an essay of between 1,000-1,500 words (being the minimum and maximum). It should be properly referenced and must be primarily of your own work.
Press release:Legislation to improve the quality and transparency of the auditing process has been introduced into the House of Representatives this week by Parliamentary Secretary to the Treasurer David Bradbury. TheCorporations Legislation Amendment (Audit Enhancement) Bill 2012is the result of a Treasury review of audit quality and extensive stakeholder consultation during 2011 on measures that are designed to enhance audit quality and ensure that Australia's regulatory framework remains in line with international best practice.
Measures in the Bill include:
ICAA report: Reforms to enhance Audit Quality Available from: www.chartered accountants.co.au/industry-Topics/Audit-and-Assurance
Required:
Discuss the following in your essay
What each of the above actually refers to and what it means.
What is your view, giving a rational explanation to your view. Why do you think that these measures were introduced?
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you are required to read the following statement issued by icaa institute of chartered accountants in australia and
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