Call us: (08) 6267 2200
reception@optimapartners.com.au
  • PAY MY INVOICE
Optima PartnersOptima PartnersOptima PartnersOptima Partners
  • Home
  • About Us
    • Meet The Team
    • Testimonials
  • Our Services
    • Business Advisory
    • Taxation Services
    • Self Managed Superannuation
    • Bookkeeping Services
    • Corporate Secretarial Services
  • Latest News
  • Contact Us

AUDITOR RESIGNATIONS – ASIC CUT RED TAPE

    Home Audit AUDITOR RESIGNATIONS – ASIC CUT RED TAPE
    NextPrevious

    AUDITOR RESIGNATIONS – ASIC CUT RED TAPE

    By admin | Audit, Blog | 0 comment | 9 December, 2015 |

    Asic cuts red tape

    ASIC cut red tape on auditor resignations and has recently released a relaxation of the rules governing consenting to a change in auditor. This newapproach will allow for a much easier transition from one auditor to the next for companies in Australia.

    The new guidelines mean ASIC will generally consent to an auditor’s resignation at any time, so long as they harbour no concerns about the transition.

    It has long been a point of contention within the accounting industry that the process for changing auditors was so difficult. Our office has seen on auditormany occasions instances where ASIC disallowed the change of auditor when the outgoing auditor had, seemingly, very legitimate reasons for retiring. I personally have witnessed auditor’s having to continue to audit a public company long after they’ve lost the desire, time or technical skill to do so. This prevents the best person for the job performing the audit.

    ASIC’s reasons for disallowing an easy transition are solid. It prevents ‘opinion shopping’ from occurring. Opinion shopping is the process whereby company directors continually change auditors until they find one that will give them the audit report the directors want, rather than one that is ‘true and fair’.

    This new approach is broadly consistent with all the major economies of the world.

    Alana Thomas

    Auditor – OPTIMA AUDIT

    ASIC, Audit

    Leave a Comment

    Cancel reply

    Your email address will not be published. Required fields are marked *

    NextPrevious

    Optima Partners is an energetic and innovative accounting, taxation and business advisory firm with offices in Osborne Park, Guildford and Fremantle.

    To discover how we help businesses across Perth please drop us a line today.

    Tel: (08) 6267 2200

    Email: reception@optimapartners.com.au

    Osborne Park Office

    Suite 3, 128 Main Street,
    Osborne Park,
    WA 6017

    Office Hours:
    Weekdays 8:00am – 5:00pm

    Postal Address

    Locked Bag 5000,
    Osborne Park,
    WA 6917

    Guildford Office

    143 James Street,
    Guildford,
    WA 6055

    Office Hours:
    Weekdays 8:30am – 5:00pm

    Fremantle Office

    Level 1, 72 Marine Terrace,
    Fremantle,
    WA 6160

    Please call for appointment

    Copyright 2021 The Small Business Lounge | All Rights Reserved
    • Home
    • About Us
      • Meet The Team
      • Testimonials
    • Our Services
      • Business Advisory
      • Taxation Services
      • Self Managed Superannuation
      • Bookkeeping Services
      • Corporate Secretarial Services
    • Latest News
    • Contact Us
    Optima Partners