From www.aicd.com.au: The Parliamentary Joint Committee on Corporations and Financial Services has released a report recommending significant reforms to the accounting, audit, and consulting sectors, including improved disclosures of non-audit services and mandatory tendering of audit services every ten years.

Treasury has proposed merging the Australian Accounting Standards Board, the Auditing and Assurance Standards Board, and the Financial Reporting Council to enhance regulatory oversight and adapt to evolving reporting landscapes.

The government is expected to respond to these recommendations following a consultation period.