ASIC to focus on audit regulation, economic dynamism, scams

In ASIC’s latest statement of intent, released late last week, the regulator confirmed it will focus on improving regulation in the audit sector, promoting economic dynamism, reducing the impact of scams on financial consumers, and implementing Treasury’s Scams Prevention Framework.

Responding to the government’s statement of expectations, ASIC’s statement of intent accepted clauses relating to its role, the government’s policy priorities, regulatory approach, relationship with stakeholders, and organisational matters.

ASIC said it would support audit regulation reform design by working closely with the government to improve the regulation of auditing and multidisciplinary firms in Australia and to enhance accountability, transparency, and oversight of the audit sector.

The regulator also said it intends to “consider the regulatory impact of its activities (and the activities of other regulators) on affected industries, especially on small businesses and market entrants, ensuring its actions are proportionate and promote the advancement of consumer interests via competition, growth, and economic dynamism.”

It also said it would work with the Australian Competition and Consumer Commission (ACCC), including the National Anti-Scam Centre, and other agencies to address and reduce the harmful impact of scams.

According to the ACCC’s 2024 Targeting Scams Report, Australia has lost $2 billion to scams, down 25.9 per cent from 2023. ASIC’s 2025 annual report revealed that it had taken down over 6,900 investment scams and phishing websites.

In its 2024–25 annual review, ASIC reported that its Office of the Whistleblower found that during that year, it assessed 702 disclosures by whistleblowers, up from the previous year. It noted that 68 per cent of these were related to corporations and corporate governance, with 93 per cent of disclosures requiring no further action by ASIC “due to insufficient evidence, no actionable breach being disclosed or the breach being in the jurisdiction or remit of other regulators.”

The regulator’s 2025–26 corporate plan focused on reviewing policies to manage conflicts of interest and on benchmarking whistleblower programs and compliance with whistleblower protection provisions in the Corporations Act.

Further, its previous corporate plan focused on scams, examining auditors’ compliance with independence and conflicts-of-interest obligations, and publishing surveillance findings.

In a recent call for submissions, Reducing barriers to business dynamism in Australia, Treasury emphasised the importance of encouraging young firms to foster a more dynamic and resilient economy and address weak productivity.

ASIC said that its statement of intent outlined how it will “achieve its objectives, carry out its responsibilities and exercise its powers”.

“Through its Annual Performance Statement, ASIC will publicly report on the implementation of the Statement of Expectation through the Corporate Plan,” it said.