The corporate regulator has now flagged it is planning to begin reviewing the operations of the six largest firms from next year.
The corporate regulator stopped publishing an annual report card on audit quality partly due to media reports focusing too much on the poor auditing work done by the big four accounting firms.
Greg Yanco, ASIC’s executive director of markets, said the audit inspection report was no longer being published because media reporting of earlier reports had been too focused on the audit quality results of the big four. ASIC’s last annual audit quality report card, published last October, found that Deloitte failed to do enough work on half the key audit areas reviewed, while KPMG fell short on 48 per cent. PwC did not do enough work in 17 per cent of key audit areas reviewed and EY was found wanting in 15 per cent of the areas reviewed.
ASIC will continue to issue media releases when a company restates its accounts or makes material adjustments to subsequent financial reports as a result of ASIC intervention. However, these releases typically do not identify the auditing firm involved or if the restatement or adjustment is due to deficient work by the auditors.
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