The decision to conduct just 15 reviews of high-risk audits in 2022-23 – from 45 the year before – raised serious questions about whether it had “sufficient coverage of the audit” quality.
The corporate watchdog’s decision to abandon naming and shaming poor audit quality among the big four consulting firms removed a key deterrent of poor behaviour, a review has concluded.
That number in 2022-23 was a third of the 45 conducted the year before, which was also lower than in previous years. The FPR report noted the public reporting of poor audit quality among Australia’s six largest accounting firms provided an important deterrent to poor behaviour, including media and parliamentary attention on negative findings. Now axed naming and shaming of firms was one of a few completed recommendations of the 2020 Senate report into audit quality.
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