Regulatory Alerts2025-09-30
ASIC Review Finds Greater Uplift Needed in Super Fund Financial Reports and Audits
The Australian Securities and Investments Commission issued Report 816 revealing inconsistent investment disclosures, limited expense reporting, and insufficient audit evidence in super fund financial reports. The regulator found that registrable superannuation entities adopted varying approaches to valuing unlisted investments and narrowly applied materiality to sponsorship expenses, while auditors failed to adequately challenge valuations or obtain sufficient evidence. ASIC will continue its surveillance program and may take regulatory action against significant breaches of the Corporations Act to ensure high-quality financial reporting and audit standards.
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