Audit and assurance services are provided by professionals who are registered with the corporate regulator and the accounting firms that audit listed companies that periodically get looked at by the corporate regulator, the Australian Securities and Investments Commission (ASIC).
This process of ‘looking’ is known as the ‘audit inspection program’. The corporate cop takes a dive into a handful of audit working papers and gets an inspector to fossick through them; then a review of working papers is presented to the firm with what ASIC’s inspectors think is non-compliant practice.
Audit firm inspections form a part of the regulatory and enforcement work done by ASIC in the area of financial reporting, audit, and assurance.
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