Submission to IASB on Agenda Consultation
- Date:30 Nov 2011
- Type:Policy Submission
This
submission responds to the call for comment from the International Accounting Standards Board (IASB) on their
Agenda Consultation discussion paper that was released in July 2011. The Agenda Consultation seeks views on those financial reporting issues that should be on their agenda in the next three years.
Our submission included, amongst other things:
- the board of directors should be responsible for the approval of the extension of the auditors' rotation period, up to a maximum of seven years, and that the audit committee should merely provide a recommendation to the board thereon;
- there should be a restriction on the amount of time that the Australian Securities and Investments Commission (ASIC) have to prepare an audit deficiency report; and
- the audited body must receive the audit deficiency report, which is prepared by ASIC to enable them to review it prior to the report being published on ASIC’s website.
Download our submission to the IFRS on Agenda Consultation (PDF 310KB)