A discussion on the ASIC Audit Inspection Program Findings for 2017-2018
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.
- Results of the overall findings 3:24
- The process of working through matters with the firm 8:11
- Specific inspection findings 11:57
- Root cause analysis, firm action plans and project management 14:30
- Initiatives to improve audit quality observed by ASIC 18:05
- Relationship between ASIC ‘s audit inspection and financial reporting surveillance programs 20:31
- Types of entities included in ASIC audit inspections 23:52
- Piloting financial report surveillance and audit inspections for APRA-regulated superannuation funds 25:45
- Key audit matters implementation 27:28
- ASIC’s future focus areas 29:26
- Three key themes coming out of the inspection program 30:45