It’s my favourite time of the year! Of course, Christmas, Easter, my birthday, EOFY parties, and end of audit season, all rank pretty highly as well, however the date that ASIC releases the annual audit review results is my favourite. The full report, which can be read here, certainly has some interesting facts in it.
Understanding how badly firms have stuffed up, and where exactly they have got it wrong, is great reading, but compared to other regulatory authorities (say the Financial Reporting Council (FRC) in the United Kingdom and the Public Company Accounting Oversight Board (PCAOB) in America), Australia’s report still seems a bit dull.
Firstly, our financial statement audits actually seem to be comparatively quite good. I am not saying the ‘fail’ rates arising from ASIC’s review are good, but they are certainly a lot better than the results from quality reviews pe