The Australian Securities and Investments Commission (ASIC) recently announced a sweeping crackdown on ethics and internal controls across the audit sector, as reported by the Accounting Times.
"We are using a range of internal and public data sources to identify potential non-compliance with independence and conflicts of interest obligations," Kate O'Rourke, one of ASIC's Commissioners, wrote in a letter to all registered auditors in Australia. “We intend to engage with auditors at scale, using our compulsory information-gathering powers under the Corporations Act to inquire into the potential issues identified through our data analysis.”
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