Financial reporting and audit

This section contains information about the financial reporting and auditing requirements under the Corporations Act 2001 (Corporations Act).

ASIC regulates compliance with the financial reporting and auditing requirements for entities subject to the Corporations Act and provides relief from those requirements in certain circumstances. Our active monitoring of entities’ compliance with these requirements contributes directly to market integrity and investor confidence. It seeks to ensure that the financial reports and audit opinions issued are relevant and reliable, and help users make better informed decisions in the marketplace.

The information on financial reporting and audit in these pages is summarised and does not cover all aspects of the reporting and audit requirements under the Corporations Act. You should also refer to relevant legislation, standards, class orders and regulatory guides.

This information does not represent legal or other professional advice. We encourage you to seek your own professional advice to find out how the Corporations Act and other relevant laws may apply to you and your particular circumstances.

Examples in this section are purely for illustration; they are not exhaustive and are not intended to impose or imply particular rules or requirements.

Related information

More in this section

  • For preparers of financial reports: Understand the applicable financial reporting requirements, how to apply for relief from financial reporting requirements and learn more about ASIC's Financial Reporting Surveillance Program.
  • For company auditors: Understand auditors' compliance and document lodgement obligations, access the auditor portal and learn more about ASIC's Audit Inspection and Surveillance Programs. Also visit here for information about whistleblowing.
  • For SMSF auditors: For auditors and prospective auditors who wish to audit self-managed superannuation funds (SMSFs).
  • For directors: Financial reporting responsibilities of directors.
  • For users of financial reports: General information about financial reporting and auditing requirements for investors, shareholders and other users of financial reports.
  • Liaison:  Learn more about ASIC's financial reporting and auditing liaison activities.
  • Resources: Provides access to the applicable legislation regarding the financial reporting and auditing requirements, professional standards, regulatory documents and useful contact information.

What's new

Industry funding

ASIC has released its Cost Recovery Implementation Statement (CRIS), which includes estimated costs for ASIC’s 2017-18 regulatory activities. 6 Oct, 17-334MR

Review of 31 December 2016 financial reports

ASIC has announced the results from a review of the 31 December 2016 financial reports of 90 listed and other public interest entities. 17-219MR, 30 June

Inspection of audits for 2015–16

ASIC has released the results of its audit firm inspections for the 18 months to 31 December 2016, as well as three information sheets related to improving audit quality and our inspection process. 17-214MR, 29 June

Communicating ASIC’s findings from audit files,

This new regulatory guide provides transparency on our criteria and process for communicating financial reporting and audit findings. 17-200MR, 23 June

More releases on financial reporting and audit

Last updated: 12/03/2018 03:05