"swallow some medicine" - audit's professional body warns firms warned on independence, conflict of interest problems as parliamentary inquiry heats up

Auditing firms which escaped scrutiny at last year's financial services Royal Commission are being urged by their own professional body to confront concerns about independence and conflicts of interest that are damaging public confidence in the sector. 

In a submission to the parliamentary inquiry into the auditing profession, Charter Accountants Australia and NZ wants to "clarify and strengthen" bans on audit firms providing often lucrative consulting services to companies they audit. 

CAANZ assurance leader Amir Ghandar speaks with ABC's Peter Ryan.