ASIC released its inaugural annual financial reporting and audit findings surveillance report for the year 2022-23 (Report 774) after previously communicating that its financial surveillance program would receive a shake-up.
The reinvigorated program leverages a risk-based and data informed method of selection of entities for review. Key findings revolve around familiar themes including:
ASIC subsequently issued a media release which announced its focus areas for 31 December 2023 financial reports. Areas of focus are, as expected, consistent with the findings noted in the surveillance report.
Download the publication to learn more.