Accountability and reporting
ASIC is accountable to the Australian Parliament in the following ways:
ASIC's Annual Report is tabled in Parliament. This includes an Annual Performance Statement under the PGPA Act, additional compliance reporting, audited financial statements and information on ASIC priorities and activities.
As required by Parliament, ASIC annually updates and publishes on its website a Corporate Plan setting out information on ASIC’s key strategies and activities over a rolling four-year period.
ASIC Commission members and senior executives appear before Senate and House of Representatives Parliamentary Committees several times each year, and ad hoc Parliamentary Committees and Inquiries, to discuss and explain ASIC’s activities.
ASIC reports annually against the Australian Government’s Regulator Performance Framework, which assesses the impact of regulation on business, the community and individuals.
ASIC is subject to, and complies with, the Public Governance, Performance and Accountability Act (PGPA Act) and the best practice regulation process administered by the Office of Best Practice Regulation.
In compliance with the Legal Services Directions 2017, we issue an annual statement of legal services expenditure by ASIC.
Periodically, the Government sets out its expectations as to how ASIC fulfils its role and responsibilities in a Statement of Expectations, to which ASIC responds with a Statement of Intent.
See also ASIC's governance and accountability.