In August 2023, the Australian Government announced a package of reforms to address tax adviser misconduct, rebuild confidence in the systems and structures that keep Australia’s tax system strong, and improve the functioning of capital markets.

Recent events have called into question whether the regulatory framework for accounting, auditing and consulting firms appropriately balances policy objectives (such as supporting a competitive market) while fostering appropriate conduct in the provision of key services (such as audit, insolvency and tax).

This consultation paper explores the regulation of accounting, auditing and consulting firms in Australia, and is part of a suite of consultations focused on strengthening regulatory frameworks in this area. Future consultation will canvass potential policy options.

The public can submit responses to this consultation up until 28 June 2024.