Brief: ASIC to zero in on financial reporting
ASIC's latest enforcement report includes a section on what the regulator has planned for the next six months. The regulator's "priority areas" to focus on include: poor financial reporting by listed companies and other public interest entities; a review of audit quality at listed companies and other public interest entities; responsible lending practices requiring credit licensees to make reasonable inquiries about a customer's financial situation; the responsibility of AFS licensees to monitor and supervise the advice of their financial advice representatives; and financial benchmark integrity (ensuring the adequacy and robustness of the systems and controls in bank bill trading and foreign exchange businesses).