Submission: Ethics and Professional Accountability: Structural Challenges in the Audit, Assurance and Consultancy Industry
ARITA has made a submission to the Parliamentary Joint Committee on Corporations and Financial Services' inquiry into recent allegations of and responses to misconduct in the Australian operations of the major accounting, audit, and consultancy firms (including but not exclusive to the ‘Big Four’), via a detailed investigation and analysis of regulatory, technical, and legal settings, and broader cultural factors.
The submission focused on three key aspects being considered by the inquiry which have cross-over with the restructuring, insolvency and turnaround profession:
- the impact on future consultations and the vital role consulting with experts plays in the design of policy and legislation
- the value of specialist regulation of consultancy services, and
- the important work of professional bodies in upholding professional standards.
Read ARITA's submission.