The Australian Securities and Investments Commission (ASIC) has put in place procedures to deal with the new notification requirements for registered company auditors, audit firms or audit companies. The requirements arise from the expansion of auditors’ duties under the Corporate Law Economic Reform Program (CLERP 9).

Under amendments to the Corporations Act stemming from CLERP 9, auditors must report certain matters to ASIC as soon as they become aware of the relevant circumstances.

These include matters where the auditor has reasonable grounds to suspect a significant contravention of the act, or if someone has attempted to mislead or interfere in the proper conduct of the audit.