Taxation
Dear students,
Please ensure you carefully read the ASIC report and understand the issues as they have detailed. Your assignment shoudl be of a minimum of 2,000 words but some students may wish to add more. As such, there is no maximum.
A report is provided from ASIC providing their findings on Audits/auditors for the year 2011-2012. The report highlighted some key aspects of which ASIC were dissatisfied with.
You are required to read the report, disseminating the key issues and discuss what you feel are the implications of this determined deterioration and why. Then make some recommendations as to how you feel both the Auditing sector as well as ASIC can address this.
You may well look to carry out further research before making any assessment of the situation.
Note: do not just copy and paste, showing an understanding of the issues is required.
REPORT 317
Audit inspection program
report for 2011–12
December 2012
About this report
This report summarises the observations and findings identified by ASIC’s
audit inspection program in the 18 months to 30 June 2012.
We expect this report to be of significant interest both to the inspected firms
and those firms we have not inspected, as well as companies, audit
committees, investors and other stakeholders interested in financial
reporting.REPORT 317: Audit inspection program report for 2011–12
© Australian Securities and Investments Commission December 2012 Page 2
About ASIC regulatory documents
In administering legislation ASIC issues the following types of regulatory
documents.
Consultation papers: seek feedback from stakeholders on matters ASIC
is considering, such as proposed relief or proposed regulatory guidance.
Regulatory guides: give guidance to regulated entities by:
? explaining when and how ASIC will exercise specific powers under
legislation (primarily the Corporations Act)
? explaining how ASIC interprets the law
?
Please ensure you carefully read the ASIC report and understand the issues as they have detailed. Your assignment shoudl be of a minimum of 2,000 words but some students may wish to add more. As such, there is no maximum.
A report is provided from ASIC providing their findings on Audits/auditors for the year 2011-2012. The report highlighted some key aspects of which ASIC were dissatisfied with.
You are required to read the report, disseminating the key issues and discuss what you feel are the implications of this determined deterioration and why. Then make some recommendations as to how you feel both the Auditing sector as well as ASIC can address this.
You may well look to carry out further research before making any assessment of the situation.
Note: do not just copy and paste, showing an understanding of the issues is required.
REPORT 317
Audit inspection program
report for 2011–12
December 2012
About this report
This report summarises the observations and findings identified by ASIC’s
audit inspection program in the 18 months to 30 June 2012.
We expect this report to be of significant interest both to the inspected firms
and those firms we have not inspected, as well as companies, audit
committees, investors and other stakeholders interested in financial
reporting.REPORT 317: Audit inspection program report for 2011–12
© Australian Securities and Investments Commission December 2012 Page 2
About ASIC regulatory documents
In administering legislation ASIC issues the following types of regulatory
documents.
Consultation papers: seek feedback from stakeholders on matters ASIC
is considering, such as proposed relief or proposed regulatory guidance.
Regulatory guides: give guidance to regulated entities by:
? explaining when and how ASIC will exercise specific powers under
legislation (primarily the Corporations Act)
? explaining how ASIC interprets the law
?