CPA Australia, the professional body that administers the CPA designation in the country, has called for urgent reforms to the Australian Securities and Investments Commission's (ASIC) audit oversight to restore trust and safeguard the future of the profession, as reported by the Accounting Times.
In a submission to the Australian National Audit Office, which is conducting a review into ASIC's effectiveness, CPA noted that the number of registered company auditors has dropped from over 7,000 to around 3,200, citing ASIC's "rising cost recovery levies and compliance demands" as contributing factors.
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