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.
We have released the results of its risk-based inspections of audit firms for the 18 months to 31 December 2013. 14-140MR. 27 June 2014.