Audit & Assurance

Contact: ESV Chartered Accountants (New South Wales, Australia)

ASIC today released the results of its reviews of financial reports for the year ended 30 June 2011 and announced its areas of focus for 31 December 2011 financial reports.

ASIC Deputy Chairman Belinda Gibson said, ‘ASIC is focused on fair and efficient markets. Confidence in the quality of financial reporting is fundamental for investors, lenders and also market regulators.

‘While the overall quality of financial reporting in Australia compares favourably with other major jurisdictions, we continue to find a number of cases where material adjustments are required to financial reports. This release is intended to assist companies and auditors to finalise financial reports that best meet the requirements of the law and ultimately benefit the users of financial reports’, Ms Gibson said.

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Source: ASIC (http://www.asic.gov.au)