The Australian Securities & Investments Commission will focus on financial reports from "shadow banks" in the months ahead.ASIC announced the focus yesterday in a warning to companies, directors and auditors. The move follows the increased attention now being paid to Australia's shadow banking system in the wake of the Banksia Securities collapse. The Financial Services Minister, Bill Shorten, has reportedly asked the Australian Prudential Regulation Authority to help regulate the $4.5 billion unlisted debenture industry.ASIC commissioner John Price said that "our proactive surveillance of financial reports of listed entities and other entities with larger numbers of users will include entities with shadow banking activities such as unlisted debenture issuers."ASIC said that in December 2012 auditors and directors, and reports, should focus on revenue recognition and expense deferral, asset values and disclosure of assumptions, off-balance sheet arrangements, and going concern assessments.