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Cybersecurity

Helping clients protect and recover value through proactive cyber risk identification and management, and rapid action in response to a breach.

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Helping clients to manage risk and regulatory compliance and respond to incidents of financial crime.

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Uncover, analyse and clarify facts at the centre of disputes, frauds and other sensitive commercial matters.

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Providing advisory and accelerated implementation services to the public and private sector.

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We advise on, develop, transact and invest in real estate and infrastructure.

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Working with organisations and the public sector to stabilise operations or to recover value on behalf of stakeholders.

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We are Asia-Pacific’s trusted advisers in cybersecurity, financial crime, forensic, performance improvement, real estate and restructuring.

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20 years

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Concern for auditors after latest ASIC Inspection Report

Earlier in December ASIC released its audit firm inspection report for 2012.  The inspection covered audits by 20 Australian audit firms with a focus on areas ASIC had identified as key risks, including impairment of assets, going concern assessment and other areas involving significant judgments

Insights Concern for auditors after latest ASIC Inspection Report
Tuesday, 10 January 2012
ASIC found that in 18% of the areas reviewed the auditor had failed to obtain sufficient appropriate audit evidence to be able to satisfy themselves that the financial report was free of material error, exercise sufficient scepticism or comply with auditing standards in a significant audit area.
 
The result has prompted calls from some, including ASIC chairman Greg Medcraft, for increased regulation of the industry. It is a concern for auditors, audit committees and directors, particularly following high profile litigation such as the Centro Class Action this year.
 
ASIC has also been criticised following the release of the report for not requiring remediation of deficient audits to ensure there were no actual material misstatements in the information that was audited.

Forensic accountants should keep track of the developments in auditing in Australia, including the possibility of changes to auditor regulations and practices, as forensic accountants are often called upon to assist with post-mortem analysis of the facts and circumstances surrounding deficient audits following corporate collapses, or in the case of shareholder class actions resulting from alleged failures to uphold continuous disclosure requirements.


Click here to access the Report.