... as part of its Corporate Law Economic Reform Program in September 2002 and has been implemented on 1st July 2004. It intended to introduce legislation into parliament in 2003. It would consider the issues including the institutional framework for setting auditing standards and whether they should be given the force of law. It has also made a number of recommendations for improving auditor independence (Gay & Simnett, 2003, p.100). The principal issues (i) The introduction of CLERP 9 will see Parliament play a key role in the final content of auditing standards. Parliament would demonstrate leadership with this new responsibility as it could play a key role in determining the quality and international harmonisation of audit standards. (ii) CLERP 9 transfers the functions of the Australian Auditing and Assurance Standards Board to the Financial Reporting Council. That means auditing standards having the force of law. (iii) CLERP 9 endorses the continuation of the existing co-regulatory environment. ...

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