For auditors

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.

ASIC's audit inspection findings for 2011-12, 12-301MR , 4 December 2012
Former Centro auditor suspended, 12-288MR, 19 November 2012
Former ABC Learning Centres auditor prevented from auditing companies for five years, 12-186MR, 8 August 2012
Perth auditor charged by ASIC for failing to be independent, 12-124MR, 12 June 2012
ASIC accepts enforceable undertaking from auditor for breaching the rotation requirements, 12-75MR, 20 April 2012
Astarra Strategic Fund auditor prevented from auditing companies for three years, 12-22MR, 10 February 2012

More What's new

Auditor applications and document lodgement	Information about auditor registration, appointment, relief, cancellation, resignation, change of details, annual reporting requirements and breach notifications, and lodgement of applicable documents
Auditor independence and audit quality	An overview of two core audit concepts
Audit inspection and surveillance programs	Overviews of the audit inspection and surveillance programs and processes
Whistleblowing	Background information and your responsibility to deal with a whistleblower's revelation when divulged to the company's auditor or member of the audit team

Financial reporting and audit overview

ASIC Website: Printed 05/22/2013

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