ASIC’s first integrated financial reporting and audit surveillance report

ASIC has released findings from its first integrated financial reporting and audit surveillance program for 12 months to 30 June 2023.

ASIC Report 774 Annual financial reporting and audit surveillance report 2022–23 outlines findings related to insufficient disclosure of material business risks in the operating and financial review, impairment of assets and revenue recognition and other financial report disclosures.

ASIC reviewed 180 financial reports of ASX-listed entities and other large unlisted entities, as well as 15 related audit files from 1 July 2022 to 30 June 2023.

ASIC says that as the largest number of financial reporting surveillance findings related to inadequate operating and financial review (OFR) disclosures this year its report includes factors for directors (including audit committees) and financial report preparers to consider for better OFR disclosures.

ASIC’s surveillances concluded that preparers and auditors of financial reports need to focus on accounting for non-financial assets, asset values, revenue recognition and disclosure of material business risks.

If you found this article helpful, then subscribe to our news emails to keep up to date and look at our video courses for in-depth training. Use the search box at the top right of this page or the categories list on the right hand side of this page to check for other articles on the same or related matters.

David Jacobson

Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.

Print Friendly, PDF & Email

Your Compliance Support Plan

We understand you need a cost-effective way to keep up to date with regulatory changes. Talk to us about our fixed price plans.