We have lodged our submission in response to ASIC’s Consultation Paper CP 352 Communicating audit findings to directors, audit committees or senior managers which sought feedback on ASIC’s proposal to communicate the findings of its audit inspection process to directors of audited entities on a routine basis rather than by exception.
In principle, we support the proposal to provide findings directly to directors, audit committees and senior management as we understand most of the firms subject to ASIC’s audit inspections already routinely discuss the inspection process and findings with their clients. 

We believe that the opportunity for directors and audit committees to see and discuss ASIC’s detailed findings will be beneficial and these wider conversations will provide opportunities for ASIC to hear the views of audit committees and directors on issues raised in the findings. 

Our submission emphasised the importance of providing context and adequate explanation, as well as presenting findings in a format that conveys the full implications and also limitations of ASIC’s inspections and the findings identified.