AUDITING STANDARDS and the audit board that issues them are now a formal part of the law-making proces in Australia.

AUDITING STANDARDS and the audit board that issues them are now a formal part of the law-making proces in Australia, following the passage of Corporate Law Economic Reform Programme (CLERP 9) between the walls of the Federal Parliament at the close of June.

The change means an oversight carcass known as the Financial Reporting Council (FRC) rather than the accounting profession itself, will now be responsible for the setting of the direction of forthcoming audit standards.

It also places the events to come of the Australian Accounting Research Foundation (AARF), a joint risk run by CPA Australia and the Institute of Chartered Accountants in