ASIC Regulatory Activity – Non-Compliance Examples June 2024
ASIC’s activity relating to financial reporting has been summarised below – along with the relevant media releases.
ASIC are continuing to follow up issues in the financial reporting and auditing space where there is potential non-compliance with the Corporations Act or Australian Accounting Standards.
| FINANCIAL REPORTING FAILURES | RESTATEMENTS OF FINANCIAL REPORTS | |
| - 23-293 Non-lodgement of three profit and loss statements, balance sheets and auditors reports by AFSL. Case went to court - pleaded guilty and ill-health. Recognisance of $2,500 to be of good behaviour for a period of 12 months and required to comply with outstanding reporting requirements. - 24-086 Former grandfathered company required to re-lodge 30 June 2023 financials since initially failed to include comparatives. | - 24-051 Data#3 Ltd – concerns in relation to agent v principal on software products. Data#3 had previously recognised revenue as principal and change to agent resulted in $1.67bn decrease to revenue for full year 2023. No profit impact. | |
| AUDITORS | GREENWASHING | |
| - 24-043 Conditions imposed on 13 SMSF auditors and 2 voluntary cancellations. Concerns that financial statements for SMSF client were prepared by the same firm that also conducted the SMSF audit – matters referred by ATO. | - 23-344 Northern Trust Asset Management – infringement notice of $29,820. Concerns about false and misleading statements about application of a Carbon Emissions exclusion scheme - 24-029 Melbourne Securities – infringement notice of $13,320 in relation to ASIC allegation about misleading statement for Bloom Fund due to use of revenue threshold on excluded activities. - 24-061 – ASIC wins against Vanguard – penalty at further hearing in August. |
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Disclaimer: This information is general in nature and should not be relied on as advice. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs and seek professional advice before making any decisions based on this information.
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