28 ASIC’s report on audit inspection findings for 12 months to 30 June 2020 include the following:

‘ASIC’s latest review found that auditors did not, in our view, obtain reasonable assurance that the financial reports were free from material misstatement in 27 per cent of the 179 key audit areas that ASIC reviewed across 53 audit files. The results compare to 26 per cent in the 12 months to