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14-047MR ASIC information sheet on audit quality

Monday 17 March 2014


ASIC has released information to help directors and audit committees develop robust standards as part of its commitment to improve audit quality.

Information Sheet 196 Audit quality: The role of directors and audit committees (INFO 196) explains:

ASIC Commissioner John Price said: ‘The quality of the independent audit process supports confidence in the quality of financial reports.

‘Audit is important to companies, so they can raise capital and conduct business, and so that investors are confident and informed. The quality of audits is also important to a wider group of stakeholders, such as creditors.

‘Directors and audit committees play a crucial supporting role, along with regulators, standard setters, and the accounting bodies, to audit firms in ensuring audit quality.

‘ASIC will continue to work with directors and audit committees – and audit firms themselves – on how they can improve audit quality. We will monitor execution of any larger audit firm plans to improve audit quality, and their effectiveness.’

INFO 196 suggests directors and audit committees consider:

Download INFO 196


Background


Released in December 2012, ASIC’s Report 317 Audit inspection program report for 2011–12 (REP 317) highlighted the need for audit firms to improve audit quality (refer: 12-301MR).

ASIC’s next public audit inspection report will be issued in June 2014, covering inspections completed in the 18 months to 31 December 2013.

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