Regulator releases audit inspection results
ASIC has released the results of its audit inspection review for the 18 months to 30 June 2015, declaring firms’ efforts to improve audit quality are yet to be reflected in the findings.
ASIC reviewed a total 463 key audit areas across 111 audit files at firms of different sizes and found in 19 per cent of audit areas, auditors did not obtain reasonable assurance the financial report, as a whole, was free of material misstatement. This compares with 20 per cent for ASIC’s report covering the previous 18 months ending December 2013.
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