Supplementary Submission: Ethics and Professional Accountability Inquiry
On 20 September 2024, the Law Council appeared before the Parliamentary Joint Committee on Corporations and Financial Services (the Committee) as part of its inquiry into Ethics and Professional Accountability: Structural Challenges in the Audit, Assurance and Consultancy Industry.
On 8 October 2024, the Law Council received correspondence from the Committee containing a range of detailed questions on notice. Due to competing priorities with limited resources, as a small not-for-profit organisation, the Law Council is not in a position to meaningfully respond to each of these questions in a timeframe that would assist the Committee prior to its reporting date. The Law Council have, however, set out below responses to key matters that are of interest to both the Committee and the Law Council’s membership.
Public Interest Entities
Two questions were put to the Law Council in writing relating to the concept of Public Interest Entities, namely:
- Could the Big Four firms be designated as Public Interest Entities and what would be the benefits and issues of doing so?
- In its supplementary submission 43 (Page 5), PwC proposed a mandatory Australian Public Interest Firm Governance Code. What is your view on PwC’s proposal and how does it relate to the concept of a Public Interest Entity?
Read the full submission below.
Last Updated on 12/11/2024
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