Corporate regulator overhauls audit oversight due to ineffectiveness

Already a subscriber?The corporate regulator says it overhauled oversight of audit quality among the big four firms because its program was not effective and was “at risk” of being captured by the companies it was supposed to regulate., an Australian Securities and Investments Commission spokesman said the program “was no longer fit for purpose”.

He called for a new watchdog to regulate financial reports, sustainability reporting and audit quality – similar to overseas jurisdictions – that would have its own resourcing that did not have to compete with other pressures., down from 45 in the two years prior and almost 60 in the financial year before the pandemic.

“This is with the clear expectation that directors will take appropriate action with management and auditors,” she said.Mr Niven suggested the only way to get real cultural change was to create a “At the same time, it can improve audit committees’ ability to choose among and monitor the performance of auditors.”Meanwhile, Greg Yanco, the man who oversaw the changes as ASIC’s executive director of markets, has been appointed interim chief executive officer from June 1 after the announcement that current CEO Warren Day, would move to the Commonwealth Director of Public Prosecutions and not return.

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