Senate Economics Legislation Committee, , 5:36:18 to 5:41:00
Review of the options paper and public submissions regarding reforms to the accounting, audit, and consulting sectors.
Topics: Integrity, Procurement
Speakers: Speaker 29, Michael Quinlivan, Hon Katy Gallagher, Unknown Speaker, James Kelly
Thanks for being here, everyone. My questions go to consulting reform and the options paper.
Quinn Levin again.
Right, we're good to go. Um since the last estimate session in May, uh Treasury has finally released the long-awaited options paper on reforming the accounting audit and consulting sectors. Consultation on the options paper opened on the 1st of July, closed on the 12th of August. How many submissions did the consultation receive?
Uh Senator, we received uh sorry, just stepping back. We we were running the consultation process for um for six weeks on that. In parallel, we also ran the consultation on whistleblowing reforms, and that was for eight weeks. Um on both those processes, we received 70 submissions to both of them, and then we ran a series of round tables during the process.
Can you break down the 70 between whistleblowers and the accounting audit and consulting sectors?
Sorry, it was a 70 for each of them separately.
Oh, 70 for each, 140 in total. Okay, thank you. And sorry, tell me about the round tables.
Uh we conducted a series of round tables through both of them to try and draw out a few more.
Um can you provide details on notice of those round tables? Who was invited? How many, how many were there?
Uh both, well, sorry, on whistleblowing, we held five round tables on auditing. Um it was a few more than that, but we can provide details on those. Uh on auditing, it was a few more than that, and we can provide details on those.
How does a citizen's voice get introduced into a round table on audit?
Uh so we've discussed this previously, Senator, about the challenges of making sure we can try and get those groups engaged. Um we held uh parts of the consultation process with um with academics and groups uh transparency groups. Um but you know it's always a challenge about getting a lot of different things. So I look forward to getting processes those details.
Did you did you publish all those submissions, 140?
Uh the submissions have not been published.
Do you intend to publish them?
Uh it's a matter for government, but the usual process would be to publish them at around the time that uh sorry, I really can't. Sorry. Uh it the usual process would be that they would get published around the time of the next part of the process. So for example, we publish the last range of submissions at around the time that we release the options paper.
And Minister, is it your intention to publish these submissions given the level of public interest in the whistleblower and the reform of the consulting sector?
Well, I think as the evidence um was just provided, is normal practice to publish submissions. Um if there's any change to that, I will let you know.
Um and the timing is important. There was a long delay, as I recollect with publishing the submissions, a very long delay, as I recollect. Is your intention, Minister, to publish them in a timely way?
Well, it's usually uh done at a particular part of the process, a particular stage, so I don't think there's any reason to delay them, but it would be really a matter in consultation with the relevant ministers.
Okay. Um I mean the reason I ask and would like to see all the submissions is that this matter has been afoot for years now, and there is a considerable public interest, and it is vital the public gets the opportunity to look at the evidence and the perspectives that are being put forward. The recommendations for the various consulting inquiries have sat now, Minister, at the feet of the government for years. When do you Expect the introduction of legislation as the Minister representing the relevant Minister to finally reform audit assurance and the consulting sectors.
Well, that would be a matter for the Assistant Treasurer to determine in consultation with our own processes. I don't have a date I can give you. So if there is anything further I can provide you, I will.
Thank you. I would really appreciate that. Is it your expectation that the legislation will be introduced in the current term?
Well, the work's certainly happening now. But I I can't give you an answer on that because I don't think those decisions have been taken yet. And so we need to get through this part of the process before decisions are taken about if and when legislation is brought into the Parliament.