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.

What's new

Third report on corporate finance regulation

This report, which covers the period January to June 2015, provides companies and their advisers with insights into ASIC's regulatory approach in the corporate finance sector. 15-222MR. 21 Aug

More releases on financial reporting and audit

Last updated: 23/03/2016 03:08