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18 Dec. 2019

Audting and Assurance Standars Board Chair Welcomes ASIC’s Audit Inspection Report For 2018-19

 The Chair of the Auditing and Assurance Standards Board (AUASB), Professor Roger Simnett AO, welcomes the release of the Australian Securities and Investment Commission’s (ASIC) Audit inspection report for 2018–19.

Professor Simnett said, “The AUASB is committed to producing high quality auditing standards and working proactively with ASIC to address any matters identified through their Audit Inspection Program where auditors are having difficulty interpreting or applying our standards. As articulated in our response to the current Parliamentary Joint Committee on Corporations and Financial Services inquiry into the regulation of auditing in Australia, the AUASB welcomes increased engagement with ASIC and the major audit firms on the interpretation of our standards. It is only with an understanding of where common issues arise that we can identify where additional enhancements to the auditing standards or guidance are required to assist with auditor’s application”. 

Link to full media release.