Audit alert down under
The Australian Securities and Investments Commission (ASIC) recently published its annual review, identifying significant weaknesses in financial reporting and audit quality.
The regulator’s review resulted in 18 entities making adjustments, and 9 audit-related issues. Next year, ASIC is planning to ramp up its efforts, expanding audit review and extending oversight into sustainability reporting.
Around the world, fragmented disclosures and manual reporting processes have historically hampered visibility, transparency and comparability. These kinds of “quality gaps” are at the heart of what ASIC has now flagged.
From the perspective of XBRL International, this is both a challenge and an opportunity. Why? Because when financial and non‑financial information is tagged, structured and machine‑readable, gaps and inconsistencies become far easier to spot, analyse and remediate. Quality data is not just useful for investors but also simplifies supervision. As progress towards mandatory digital reporting in Australia gathers momentum, regulators down under would be well placed to bear in mind the supervisory benefits of structured data.
For full details, check out the original story here.
