Draft for Group Presentation (ACC 3600).docx - 2 Table of...

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2) Table of Content 3) Issues investigated in this research Compare the information disclosed by leading Australian audit firms in their first-time audit firm transparency reports Providing future potential research opportunities on audit firms using transparency report disclosures 4) Introduction 4.1) Why is it important? Transparency reports by audit firms increased transparency by showing their governance and their internal governance systems , which are believed to improve audit quality. The result of the comparisons between audit firms’ internal governance structures may allow audit firms to modify or enhance their own internal governance. Inform user of audited financial statements about similarities and difference Bs between audit firms as revealed in transparency reports, which may impact choice of audit firm. 5) Background 6) Before Transparency Reporting Audit firms were governed by the ‘Black Box’ Approach, due to… Because of that, incidents occurred like… 7) Transparency Reporting in other jurisdictions Regulators have sought ways in which to increase information available to the public about audit firms’ internal governance In 2006, the European Union (EU) pioneered requirements for audit firm transparency reporting, which was implemented in 2008.

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