Core Insights - CPA Australia supports the ANAO's performance audit of ASIC's regulation of registered company auditors, which found ASIC's oversight to be "partly effective" [1][2] - The audit highlights the need for clearer performance indicators to enhance transparency and accountability in audit regulation [1][3] Group 1: Key Areas for Improvement - The ANAO report identifies several areas for improvement, including performance measurement, remediation processes, enforcement priorities, stakeholder engagement, and ministerial expectations [3][5] - CPA Australia recommends a tiered classification system for surveillance reporting to improve clarity and support meaningful improvements in audit quality [4] Group 2: Remediation and Enforcement - Enhancing remediation processes is crucial for timely and effective addressing of identified deficiencies, and CPA Australia welcomes ASIC's commitment to strengthen this aspect [5] - The ANAO report notes that ASIC's enforcement actions have primarily focused on administrative breaches rather than directly addressing audit quality issues [5] Group 3: Stakeholder Engagement - Ongoing dialogue is encouraged to align enforcement activities more closely with audit quality objectives [6] - The ANAO emphasizes the importance of enhancing transparency and collaboration with the auditing profession to achieve common goals [6]