From www.themandarin.com.au: CPA Australia has urged the Australian National Audit Office to improve the audit inspection process conducted by ASIC amid a significant decline in registered company auditors over the past two decades.

The organization advocates the need for modernisation in audit regulation to enhance timeliness, transparency, and communication between ASIC and the auditing profession, particularly in light of growing demands for assurance in areas such as sustainability reporting.

CPA Australia’s call for reforms follows over two years of criticism towards ASIC’s enforcement tactics in the auditing sector.