Australian Securities & Investment Commission (ASIC) has released a Consultation Paper about ASIC directly communicating specific financial reporting and audit findings identified from ASIC reviews of external audit files to directors, audit committees or senior managers of companies, responsible entities or disclosing entities.

The Consultation Paper further 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 routine audit firm inspections.  The 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 are due by 30 September 2016.

Click on the link above for further details