From financialnewswire.com.au: The Australian National Audit Office is conducting an audit to evaluate the effectiveness of the ASIC) regulation of registered company auditors, following controversies involving major audit firms like PwC.

The audit will focus on ASIC’s governance and implementation of regulatory activities.

A Parliamentary Committee has criticised ASIC and recommended actions including random audit inspections and increased resources for financial report and audit inspections to improve audit quality.