Claire Grayston, Policy Adviser for Audit and Assurance at CPA Australia, and Doug Niven, Australian Securities and Investments Commission (ASIC) Senior Executive Leader, discuss the ASIC Audit Inspection Program Findings for 2017-2018 that were released on 24th January 2019.
ASIC has reported improvements in the audits inspected for the 18 months to 20 June 2018, however the shortcomings observed in audits still fall into similar areas to previous periods. Therefore it is invaluable for firms, even if they have not been subject to an ASIC inspection, to learn from the areas identified for improvement by ASIC. ASIC highlights their key findings, successful audit quality initiatives firm’s have implemented, themes arising from the findings and focus areas for future inspections.