n a statement regarding its focus areas for 2025–26, the regulator said it will review an increased number of audit files and, as part of its integrated approach, will continue to select audit files where a change has been made to financial information or the financial report, or where it has concerns that a financial report may have a risk of material misstatement.

ASIC will also select audit files based on other internal or externally available data and review a random selection of audit files from its regulated population.

Financial report preparers are also under scrutiny, and ASIC said it would continue to focus on areas where significant judgment from preparers of financial reports is required.

These include revenue recognition, asset valuation, and estimation of provisions.

ASIC commissioner Kate O’Rourke said financial report preparers should take extra care when making such judgments, especially considering recent capital market volatility.

Furthermore, the regulator said it would also be progressing its proactive, large-scale surveillance focused on auditors’ compliance with their independence and conflicts of interest obligations under the Corporations Act 2001.

“We encourage auditors to self-identify and self-report non-compliance with their independence and conflicts of interest obligations through our regulatory portal,” O’Rourke said.

“Based on our data model, we considered potential independence issues in relation to over 100 audit engagements before targeting nearly 50 auditors for a more detailed review. We intend to publish the outcomes of this surveillance later this year.”

ASIC will also continue its surveillance of registerable superannuation entities (RSEs).

RSEs were required to lodge audited financial reports with ASIC for the first time in 2024, and ASIC has been finalising its review of around half of all lodged RSE financial reports and five RSE audit files.

It said that as part of its 2025-26 program, it would review the other half of the RSE financial reports as well as a selection of RSE audit files focusing on the measurement and disclosure of investment portfolios, and disclosure of marketing and advertising expenses.

Keeli Cambourne
May 20 2025
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David Forrest

Director
BEc (Acc), MBA, CPA, FFin

David has been in the Financial Services Industry for nearly 30 years. He was one of the founding Directors of the successful Financial Planning and Stockbroking Practice, Henderson Gregory Forrest, for a decade. Prior to that, he held senior roles in companies such as ING, KPMG Accountants and AMP. David was previously Chairman of OAMPS Superannuation Trustee Board and currently serves as an independent Board Director for several companies.

David’s extensive experience in all forms of superannuation, including Self Managed Super Funds (SMSF), Defined Benefit Funds, retirement funding through Account Based Pensions, stockbroking with a focus on Direct Share Investment, Taxation/Remuneration Planning, Centrelink, Aged Care and business management, equip him to advise expertly on all aspects of Financial Advice.

Those with a particular interest in superannuation/SMSFs, direct share investment, salary packaging or applying for the Centrelink Pension will find his knowledge and ability in formulating and implementing creative, logical and simple wealth creation strategies a valuable asset.

David maintains a strong personalised client service focus, providing tailored solutions for clients.

Qualifications:

Bachelor of Economics with Accounting Major (BEc (Acc))
Master of Business Administration (MBA)
Certified Practising Accountant (CPA Australia)
Graduate Diploma in Applied Finance and Investment (FFin)

Memberships:

Member of the professional association of Certified Practising Accountants (CPA Australia)

Contact:

David Forrest is an Authorised Representative of Integrity Financial (SA) Pty Ltd ABN 16 133 921 187 — AFSL No 334846

Michelle Forrest

Business Finance Manager
B Bus (Acc), CPA

Michelle’s career has spanned across the Financial Services, Retirement Living and Aged Care industries working in the private sector, not for profit and more recently with the state government for over 20 years. Her experience extends to many facets of the financial services industry, having worked in superannuation administration, technical support and financial planning practice administration.

Commencing with AMP and subsequently working in commerce and accounting roles with companies such as Brambles, Adelaide Bank Retirement Services, ECH Inc and SA Health and Wellbeing, Michelle returns to financial services after working in practice financial management at Henderson Gregory Forrest. This wide range of experience from senior accounting and management roles has provided Michelle with a strong background in business administration.

With an astute financial acumen and keen interest in business improvement strategies, Michelle ensures the smooth running of the Integrity Financial Advisory practice providing valued management support to our personalised client service focus.

Qualifications: