Co-regulation responsibilities map

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Co-regulation: who does what?

Figure 1 - Responsibilities operate alongside one another

Use this map to identify responsibilities. It groups roles rather than showing a complete legal hierarchy or

deciding where to lodge a complaint.

Figure 1 - Identify the function

Function

Organisation and responsibility

Standard setting

AASB: Australian accounting standards.

AUASB: auditing and assurance standards.

APESB: professional and ethical standards.

Oversight

FRC: oversight of AASB and AUASB, with broad strategic direction. It does not write

every technical rule.

Legal enforcement

ASIC: surveillance, investigation and enforcement within statutory powers. Other

regulators apply to particular activities.

Professional membership

Professional bodies: entry, education, continuing professional development and

member discipline.

Co-regulation

External law and public oversight supplement professional responsibilities; they do not remove member

discipline.

International influence

International standard-setting arrangements support consistency. Domestic adoption, local law and enforcement

still matter; IFAC is not a worldwide court.

Legal effect

Identify the service and statutory setting. A professional requirement is not automatically legislation for every

accountant and task.

Technical basis: Module 1, Table 1.1 pp5-7; self/co-regulation p11; sections 1.8-1.9 pp15-20. Syllabus context retained.

PART 3 | STUDY & PRINT

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