Ernst & Young welcomes ASICs report on audit firm quality
Wednesday, 29 June 2011 — Ernst & Young has welcomed ASIC’s 2009-10 Audit firm inspection report, which was released today.
Ernst & Young’s CEO, Rob McLeod says:
"The audit is a vital component of Australia’s corporate governance environment and Australia has a robust and strong audit profession, which is recognised by ASIC."
"Good auditors require professional scepticism, personal authority and credibility to challenge management's assertions."
"We recognise that the important role of audit continues to evolve. We will continue to work constructively and collaboratively with regulators, the audit profession and business community to support the profession’s development and continuous improvement."
"Corporates must continue to ensure that their audit committees are appropriately resourced so they can be actively engaged in all aspects of the financial reporting and audit process, and able to challenge management and auditor judgments. Boards, audit committees, directors and statement preparers must also maintain a strong level of professional scepticism."
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