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Perspectives

Audit – a regulated profession

Responding to regulatory trends

Deloitte recognises the important role ASIC plays in Australia and through its membership of IFIAR in promoting high-quality external audits of financial reports.

Regulators globally are looking for greater consistency and quality in audit service delivery. This includes increasing coordination through the International Forum of Independent Audit Regulators (IFIAR). Under this body, regulators are sharing knowledge, collaborating and promoting consistency in the way auditing is regulated.

At Deloitte, we understand that our obligations are not limited to inspection periods. We also recognise the important role ASIC plays in Australia and through its membership of IFIAR in promoting high-quality external audits of financial reports.

Deloitte Touche Tohmatsu Limited (DTTL) – the UK private company (limited by guarantee) that all Deloitte member firms are members of – is actively engaged with IFIAR on initiatives to enhance audit quality.

We recognise that in an environment of increasing regulation we need to respond effectively to new rules, standards and expectations. We have an Audit Quality Plan, which is regularly updated and is framed around our Recognise, Execute and Improve framework.

Deloitte is actively involved in shaping the future of accounting and auditing through our involvement in international and Australian standards-setting bodies and professional associations.

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