ASIC turns audit focus on MISs

Mike Taylor

Managing Editor and Publisher

18 May 2026

The Australian Securities and Investments Commission (ASIC)says it will include a selection of Managed Investment Schemes (MISs) as part of its upcoming audit focus and sustainability focus for 2026/27.

Announcing the inclusion of MISs, ASIC said that for 2026-27, it will review 25 audit files. While ASIC will maintain its focus on listed and unlisted companies and RSEs, it will also include a selection of MISs.

Like in 2025-26, ASIC will select audit files from a mix of sources:

• where there has been a material correction to a financial report or where ASIC is concerned that a financial report may be materially misstated,
• based on other internal or external data (including independence threats), which indicates a risk to audit quality, or
• from a random selection process.

Commenting on the 2026-27 focus, ASIC commissioner, Kate O’Rourke said the surveillance programs reinforced the important of high-quality reporting and audit.

The announcement said that in keeping with ASIC’s enduring financial reporting focus areas, it would monitor areas where significant judgement from prepares of financial reports is required.

For 2026-27, ASIC will review the financial reports of listed and unlisted companies, registrable superannuation entities (RSEs) and managed investment schemes (MISs).

ASIC will also review the disclosures of companies that have provisions for decommissioning and site-restoration costs. This will include assessing disclosures against new guidance issued by the AASB (illustrative example D of AASB 137 Provisions, Contingent Liabilities and Contingent Assets).