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Section 87B of the Competition and Consumer Act 2010 (CCA) gives the Australian Competition and Consumer Commission (ACCC) the ability to accept written undertakings when it believes that a breach has occurred, or is likely to occur and that a resolution based on Enforceable Undertakings offers the best solution.
A key requirement of companies and organisations entering into an Enforceable Undertaking is the requirement to implement a compliance program that is monitored through an Independent Audit.
RSM provides ACCC undertaking audit services and has been engaged as the independent auditor for numerous ACCC undertaking audit engagements from 2006 to date.
We have developed a strong appreciation of the ACCC’s expectations in relation to the conduct and reporting of these audits.
KEY CONTACT
 | Jean-Marc Imbert National Head of Risk Consulting |
T: +61 3 9286 8186
E: [email protected]
 | Tim Pittaway Partner |
T: +61 2 8226 4806
E: [email protected]
 | Jacob Elkhishin Partner |
Our approach is based on utilising RSM’s depth of experience in delivering ACCC undertaking audit services to complete all critical tasks with an underlying knowledge of what works best in a regulatory context.
This is performed whilst evaluating the appropriateness of the internal control framework, policies and procedures used and the reasonableness of measures put in place by management to ensure compliance, as well as evaluating the overall compliance framework to the extent relevant for compliance with the undertakings.
RSM employs a six-stage approach to conducting undertaking audit services, specifically tailored to suit each unique circumstance. Our approach covers:
- Initiation
- Discovery & Risk Assessment
- Engagement with Key Internal Stakeholders
- Preparation of Undertaking Audit Plan
- Conduct of Establishment Audit and periodic Independent Audits; and
- Reporting
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