Australia has a skilled audit profession committed to independence and quality, according to the Australian Securities and Investments Commission (ASIC).
The regulator’s latest audit inspection program, which is designed to “better inform the investing public”, included audit inspections of 19 firms from July 2006 to December last year.
ASIC chief accountant Lee White said firms have committed resources and further enhanced quality control systems and processes to ensure compliance with the legislative requirements for auditor independence and audit quality.
He said a future focus of ASIC’s inspections would include those firms that audit significant public interest entities and those in sectors that are “at risk given the current market turbulence”.
