Australia’s corporate watchdog is directly pressuring the audit sector, sending letters to 2,900 registered company auditors reminding them of their legal and ethical duties.
ASIC is also launching twice-yearly meetings, open to all registered auditors, to walk through its priorities, focus areas, recent findings and recommendations for better practice.
Those forums are designed as two-way sessions, giving auditors a chance to raise emerging risks, technical questions or sector-wide issues.
Regulators are moving at a moment of heightened sensitivity for the profession, with the KPMG whistleblower scandal dominating headlines since March and sparking broader scrutiny.
ASIC’s letters explicitly reference growing concern about auditor conduct and the need to shore up trust and confidence in audit firms.
Sector observers read the move as a warning that compliance lapses will attract tougher responses.
ASIC also wants more proactive engagement from auditors rather than after-the-fact explanations.
