Your ongoing obligations as a registered company auditor
As registered company auditor, you must comply with ongoing statutory obligations and any conditions of your registration.
You have specific obligations relating to:
- keeping your auditor details up-to-date and lodging documents (including annual statements and financial statements and reports)
- maintaining auditor independence by identifying conflict of interest situations and meeting requirements for auditor rotation
- ensuring audit quality by following recognised auditing standards, and
- publishing an audit transparency report
- complying with the conditions of your registration, where applicable.
You must also report to ASIC any contraventions and/or solvency issues you become aware of during a company audit.
This is not an exhaustive list of your obligations. You must comply with the requirements of the Corporations Act 2001 and the National Consumer Credit Protection Act 2009.
Depending on your circumstances, you may be eligible for class order relief or individual relief for some obligations.
Monitoring and enforcement
ASIC has responsibility for the surveillance, investigation and enforcement of the financial reporting and auditing requirements of the Corporations Act and conducts regular audit inspections and surveillances.
If we have queries or potential concerns during auditor surveillance, we will contact the auditor for clarification. Depending on the response, we may review the audit work papers and records to assess compliance.
If we find the auditor's conduct to be deficient, we may:
- impose or vary conditions on the auditor's registration
- agree to an enforceable undertaking, or
- refer the matter to the Companies Auditors and Liquidators Disciplinary Board.
More in this section
- Auditor reporting obligations
- Auditor breach notifications
- Auditor resignation or removal
- Applying for relief