ASIC today released a new Regulatory Guide 260 Communicating findings from audit files to directors, audit committees or senior managers.

The guide provides transparency on our criteria and process for communicating financial reporting and audit findings from our review of audit files to directors and audit committees. This communication can assist directors in meeting their financial reporting obligations and supporting audit quality.

The new regulatory guide covers:

• when we will communicate financial reporting and audit quality findings identified from our reviews of audit files to directors, audit committees or senior managers
• the process we will follow before communicating findings
• when we will inform directors of our routine audit file reviews

Background

ASIC issued Consultation Paper 265 Communicating audit findings to directors, audit committees or senior managers (CP 265) in July 2016.

We received 12 written submissions on CP265. The submissions led to more guidance about the process we will follow before communicating findings from audit files to directors, audit committees and senior managers.

Download

• Regulatory Guide 260 Communicating findings from audit files to directors, audit committees or senior managers
• Report 533 Response to submissions on CP 265 Communicating audit findings to directors, audit committees or senior managers
• View the non-confidential submissions to CP 265