Understanding ASIC’s report on audit quality measures

The Australian Securities and Investment Commission (ASIC) has developed a unique report on measures of audit quality in addition to its audit inspection findings. ASIC’s Doug Niven sits down with CPA Australia and explains the measures ASIC has identified and how he expects them to stimulate discussion and evolve over time as data becomes available. Host: Claire Grayston FCPA, Policy Adviser – Audit & Assurance, CPA Australia and Guest: Doug Niven, Senior Executive leader, Financial Reporting and Audit, ASIC


Highlights:

  • Min; 0:47 ASIC report on measures of audit quality
  • Min: 1:42 Purpose of preparation of audit quality measures
  • Min: 5:16 Consultation conducted by ASIC in developing these measures
  • Min: 6:37 How the measures will evolve
  • Min: 9:22 Output measures
  • Min: 19:10 Input measures
  • Min: 24:45 FRC and AUASB survey on sentiment and perceptions of audit quality contrasted with ASIC inspection findings
  • Min: 26:31 Regulatory measures identified in ASIC’s submission to PJC Inquiry on Regulation of Auditing in Australia
 
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