Following a number of corporate failures in 2001 legislative changes in Australia:

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Following corporate failures in 2001, Australia introduced reforms to enhance auditor independence, one of which required the disclosure of the nature and value of non-audit services provided by auditors. This was aimed at increasing transparency and reducing conflicts of interest. The Sarbanes-Oxley Act is a U.S. law, and there were no mandates for audit firm rotation or prohibitions on providing other services, though guidelines and restrictions were introduced.

Following a Number of Corporate Failures in 2001 Legislative Changes