‘We are consulting about reporting the most significant findings from our reviews of audit files to assist audit committees and directors in supporting audit quality, which is important to market confidence in the quality of financial reports’, said ASIC Commissioner John Price.

The consultation paper also seeks feedback on whether ASIC should directly advise the board of directors of all audited entities if their audit files have been selected for review by ASIC as part of our routine audit firm inspections.  This information would enable audit committees to ask the auditor for the results from ASIC’s audit inspections and assist directors in promoting audit quality.

Comments on the proposals in Consultation Paper 265 Communicating audit findings to directors, audit committees or senior managers (CP 265) are due by 30 September 2016.

The consultation papers can be downloaded here:

• Consultation Paper 265, Communicating audit findings to directors,audit committees or senior managers (CP 265)
• Information Sheet 196, Audit quality: The role of directors and audit committees (INFO 196)

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