This essay provides a comprehensive analysis of auditing and assurance in Australia, addressing the critical concerns surrounding audit quality. It examines the role of the Australian Securities and Investments Commission (ASIC) as a major regulator, the impact of technological advancements like AI and robotic process automation, and the ethical considerations influencing the profession. The essay explores various audit failures, including the Enron and HIH Insurance collapses, and the role of auditor independence. It highlights the importance of the Restructured Code of Ethics in providing quality audits and serving the public interest. The discussion includes the actions of PwC, ASIC's audit inspection regime, and the parliamentary inquiries into audit quality, offering a detailed overview of the challenges and potential solutions in the field of auditing and assurance in Australia.
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