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Summary

No matter which corporate code of conduct or corporate governance framework is used, the issue of ‘transparency’ is referred to, either directly or by implication. The application of ‘transparency’ to corporate reporting practices, covering both financial and non-financial conduct and performance, has come under increasing scrutiny from various stakeholder groups. The single most significant reform, to date, in this area in Australia came in response to the high-profile corporate collapses of the early 2000s. On 1 July 2004, the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 (Cth) came into effect. This Act is commonly referred to as ‘CLERP 9’, as it was the ninth instalment under the government’s Corporate Law Economic Reform Program (‘CLERP’). CLERP 9 is broadly consistent with, and a complement to, the ASX Corporate Governance Principles and Recommendations, now in its fourth edition (2019). The aim was for the two documents together to promote good corporate governance practices within Australian listed companies and achieve effective regulation.

In November 2011, the European Commission published legislative drafts proposing radical reforms for statutory audits in Europe, fuelling heated political and academic debates. This paper presents cornerstones for a new regulatory framework of auditing and thereby contributes to the ongoing debate on the role of auditors and their independence.

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7 - Accounting governance

Summary

Auditor Independence at the Crossroads – Regulation and Incentives

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2 results

7 - Accounting governance

Summary

Auditor Independence at the Crossroads – Regulation and Incentives