- ASIC’s Expanded Surveillance Program: What Auditors Need to Know
Understand ASIC’s expanded surveillance program and how it impacts auditors, with a focus on superannuation funds and large companies.
Learn about the expanded oversight and new requirements impacting Australian auditors in 2024.
Australia’s auditing landscape is undergoing significant changes with ASIC’s expanded surveillance program. From June 2024, ASIC will include previously ‘grandfathered’ large proprietary companies and superannuation funds in its oversight. This broader scope means more companies will need to comply with stringent financial reporting and audit standards.
The focus areas include asset values, provisions, subsequent events, and disclosures in financial reports. ASIC’s risk-based, data-led approach to surveillance means auditors must prepare for increased scrutiny, particularly in high-risk areas identified by the regulator.
In addition, superannuation trustees are now required to lodge audited financial reports within three months of the fund’s financial year-end. Auditors will also need to ensure compliance with ethical and independence standards, with a focus on the new ASQM 1 quality management requirements.
Download the guide now to stay ahead of these regulatory changes and ensure your audit practices align with ASIC’s expanded scope.
Empower Your Next Step
- Key Metrics and Insights at a Glance
Expanded Scope
ASIC now includes large proprietary companies and superannuation funds in its 2024 surveillance program.
Risk-Based Auditing
ASIC’s data-led approach targets high-risk areas, focusing on asset values and financial disclosures.
Quality Management Focus
Auditors must align their quality management processes with ASQM 1 standards to meet regulatory expectations.
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