Audit inspection program

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ASIC brings to the attention of the auditor and the audit firm's leadership instances of non-compliance and considers if further regulatory action is necessary for instances of non-compliance. Our inspections are structured to cause minimal disruption to a firm, while ensuring that we discharge our responsibilities.

The key steps involved in an audit inspection of larger firms are shown below:. The inspection planning process is important as it lays the foundation for executing the inspection in an efficient and effective manner.

ASIC focuses on gaining an understanding of the structure and governance arrangements of the audit firm and information about its key clients.

The planning process consists of meeting with the firm to discuss the inspection process and issuing notices requesting information from the firm that relates to audit quality and auditor independence. ASIC reviews the notice material produced by the audit firm before commencing its onsite inspection. ASIC selects a number of the firm's audit clients based on risk, and reviews the audit work papers while onsite. During the onsite phase, ASIC conducts interviews with audit firm personnel holding key leadership positions and staff, in order to clarify and confirm the audit quality and auditor independence policies and practices in place at the firm.

ASIC prepares a private and confidential report for the firm inspected describing the inspection process, observations and findings and suggested remedial actions.

The firm's responses to our observations and findings are included in the final report. ASIC also periodically publishes the results of the inspections for the audit firms in an omnibus public report.

This report does not identify the firm or their clients. This report aims to better inform interested stakeholders of the key observations and findings from our inspection program. You can view and download a copy of the audit inspection public reporting and accompanying media releases issued to date.

The FRC is responsible for providing broad oversight of the process for setting accounting and auditing standards as well as monitoring the effectiveness of auditor independence requirements in Australia. If the task is an instruction, enter a Name and Description.

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