The auditing profession plays an important role in maintaining and promoting confidence and integrity in Australia’s capital markets.

Audit regulation activities have developed significantly in Australia since the introduction of enhanced regulatory requirements for auditors in July 2004, the issuing of legally enforceable Auditing standards in July 2006 and amendments enabling greater co-operation with international audit regulators in July 2007.

ASIC is responsible for administering the requirements of the Corporations Act as it relates to auditor independence (Divisions 3, 4 and 5 of Part 2M.4) and audit quality (Division 3 of Part 2M.3). Our audit oversight activities help maintain and raise the standard of conduct in the auditing profession. While these activities have an educational and compliance focus, enforcement action can be taken where significant non-compliance is identified.

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: 20/10/2014 12:00