The Australian Securities and Investments Commission has published its Audit Inspection Program Report for 2011–12: see here (pdf). The report presents findings in respect of ASIC's inspection of 20 Australian audit firms in the 18 months to 30 June 2012. The headline finding is a decline in audit quality: ASIC reports an increase in instances where auditors did not perform all of the procedures necessary to obtain reasonable assurance that the audited financial report was not materially misstated.
Wednesday, 5 December 2012
Australia: ASIC's latest audit inspection report
The Australian Securities and Investments Commission has published its Audit Inspection Program Report for 2011–12: see here (pdf). The report presents findings in respect of ASIC's inspection of 20 Australian audit firms in the 18 months to 30 June 2012. The headline finding is a decline in audit quality: ASIC reports an increase in instances where auditors did not perform all of the procedures necessary to obtain reasonable assurance that the audited financial report was not materially misstated.
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