765 of 2.docx - Source: Gay and Simnett 7th edition There...

Source: Gay and Simnett 7 th edition
There are many parties involved in the regulation of auditing in Australia.
There is professional regulation by the accounting profession. The accounting
profession includes the Chartered Accountants Australia and New Zealand, CPA
Australia and the Institute of Public Accountants. The profession is responsible
for the training and qualification of accountants, and for the Accounting
Professional and Ethical Standards Board. The APESB issues professional and
ethical standards, notably the CODE (APES 110) which is based on the
international CODE.
There is statutory regulation . The Australian Federal Government established
the Corporations Act and the ASIC Act. Adherence to the Corporations Act is
administered by the Australian Securities and Investments Commission (ASIC)

which is a statutory body. The Corporations Act provides guidance on the audit
of a company’s financial report. For example, Section 301 requires that certain
financial reports be audited. Section 307 specifies that the audit report must
state whether the financial report is in accordance with accounting standards