928. A number of submissions received by the Working Party proposed that the expression ‘registered company auditor’ should be changed to ‘registered independent auditor’ or ‘registered auditor’.
929. Registered company auditor status has become the de facto benchmark for identifying a competent auditor for many non corporate audits. The proposed change of terminology would result in an expression which is more appropriate for incorporation into legislation that deals with non corporate reporting matters. In addition, it would reflect the fact that not all auditing requirements contained in the Law are in respect of companies.
930. The Working Party notes that implementation of the proposal would necessitate amendments to a significant number of Commonwealth, State and Territory Acts.
931. In these circumstances, the Working Party is reluctant to recommend immediate adoption of the proposal. Nevertheless, it believes that the idea should be kept under review and that further consideration be given to it at a time when other amendments to the Law require consequential amendments to other Commonwealth, State and Territory Acts.
10. IMPLICATIONS OF REVIEW FOR
OTHER LEGISLATION
1001. This chapter briefly considers the implications of the audit review for other Commonwealth, State and Territory legislation that requires either financial statements or other accounting documents to be audited or examined by a registered company auditor.
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