ASIC flags super advertising scrutiny

What superannuation funds spend on marketing and advertising is being placed under the scrutiny of the Australian Securities and Investments Commission (ASIC) as part of its reporting and auditing focus next financial year.

The regulator outlined its priorities and said that it would also be focusing on the measurement and disclosure of superannuation funds’ investment portfolios.

It said that superannuation funds were required to lodge audited financial reports for the first time last year and that ASIC is currently finalising its review of around half of all lodged financial reports and five superannuation fund audit files.

“For our 2025-26 program, we will review the other half of the RSE financial reports as well as a selection of RSE audit files,” the regulator said.

ASIC said it would again be taking a close look at climate-related disclosures and said that impacted entities should begin work as soon as possible.

The regulator also said that it was progressing its “proactive, large scale surveillance focused on auditor compliance with their independence and conflicts of interest obligations.

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

ASIC Commissioner, Kate O’Rourke said that, based on the regulator’s 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,” O’Rourke said.