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ASIC has today reported on the results from its audit firm inspections of 45 audit files across 14 firms (which included one large unlisted entity file at each of the largest six firms) in the 12 months to 30 June 2022. The audit files were selected from a population of over 2,100 companies listed on the ASX and large unlisted entities audited by the largest six firms.
ASIC Commissioner Sean Hughes said, ‘Audit inspections are designed to promote audit quality and high-quality financial reports. ASIC encourages audit firms to continue to focus on improving audit quality, which will in time improve the overall level of findings. As we announced in July 2022 (see 22-172MR), ASIC will commence routinely communicating negative findings from its reviews of audit files to directors, to further improve the quality of financial reporting.’
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