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Screenshot of a breaking news alert e-mail from Q2 2017
ASIC today released a consultation paper about it directly communicating specific financial reporting and audit findings identified from ASIC reviews of external audit files to directors, audit committees or senior managers of companies, responsible entities or disclosing entities.
ASIC Commissioner John Price said:
We are consulting about reporting the most significant findings from our reviews of audit files to assist audit committees and directors in supporting audit quality, which is important to market confidence in the quality of financial reports.’
The consultation paper also seeks feedback on whether ASIC should directly advise the board of directors of all audited entities if their audit files have been selected for review by ASIC as part of our routine audit firm inspections. This information would enable audit committees to ask the auditor for the results from ASIC’s audit inspections and assist directors in promoting audit quality.