Contact: Vessa Playfair
Deloitte
Director of Communications
+61 2 9322 7576

Contact: Rod Smith
Deloitte
Lead Partner - Assurance & Advisory
(02) 9322 5608

Contact: Amanda Kennedy
Deloitte
Media Relations
+61 [0] 418 806 477

Deloitte Australia supports the issues raised in the vision paper released yesterday by the CEOs of the six largest global audit networks in the world – Deloitte, KPMG, Ernst and Young, PricewaterhouseCoopers, BDO and Grant Thornton.

Rod Smith, Lead Assurance and Advisory Partner at Deloitte Australia, supported the vision and hoped that it would lead to constructive dialogue on the future direction of the global capital markets.

“The issues raised have been about for some time but the significance is that this is the first time the ‘Big Six’ globally have come together to outline a vision for the future.” Mr Smith said.”

“Key concerns of industry with regard to financial reporting and auditing standards are raised in the report including the call for a single standard for financial reporting and consistency in audit regulation across borders.”

“It has long been agreed that one standard set of financial reporting is necessary to provide consistency when operating across jurisdictions.”

“Many Australian companies operate overseas and a consistent set of standards would greatly reduce compliance costs.”

“For this reason Australia, and about 100 other countries, have already made the transition to the International Financial Reporting Standards (IFRS).”

“It was a massive task and burden on Australian companies but now that we are through the initial transition, we are well placed globally going forward.”

“Australia has also been at the forefront with regard to audit or regulation. ASIC Chairman Jeff Lucy was the driving force behind the formation of the Forum of International Audit Regulators and is also their inaugural chairman.”

Read more about this on the Global Public Policy Symposium site.