Superannuation auditing still sloppy, ASIC says

Superannuation funds continue to be subjected to sloppy auditing that fails to get appropriate evidence of valuations of unlisted investments, a report released by the Australian Securities and Investments Commission says.

A second report into the quality of financial reporting and auditing of superannuation funds reveals that auditors continue to fail to ask better questions about the carrying amounts of values in the financial statements of superannuation funds.

The report comes at a time of increased scrutiny of the Big Four accounting firms and their audit divisions following the audit scandal that has enveloped KPMG Australia concerning the ethical lapses of senior partners who chose to share confidential audit client information belonging to Lendlease to assist other audit teams with their bids for audit work.