FourFour two has published an audit of a super-sized free seoin audit.
The audit, conducted by the Australian Securities and Investments Commission, has been labelled the largest audit in the industry and follows a report from the Financial Review last month that revealed Australia’s free seoan audit industry was suffering a “fatal flaw”.
“It’s a massive audit that’s gone through a lot of data,” one of the authors, Richard McNeil, said.
“We’ve got over 10 million documents in it.”
He said he was “thrilled” the audit was being carried out by ASIC’s new auditing arm, which will “have a lot more leeway in how they go about conducting the audit”.
The data was gathered by ASIC for the purpose of determining whether a company was a “high risk”.
McNeil said the auditors’ job was to “make sure the industry is run in a way that maximises the opportunities for the participants in the process”.
He described the audit as “very exciting”.
An ASIC spokesperson said the audit will be completed “as soon as the new ASIC commissioner can be found”.
A spokesperson for the Australian Bankers Association (ABA) said it was “unfortunate” that the audit resulted in the audit “being published in this way”.
It said the ABA was not involved in the decision-making process.
ABA chief executive John Delaney said the “very serious” issue raised in the report was one that the AMA had been advocating for for years.
He told FourFour that the bank “wants to make sure that people get paid fairly, that the market operates in a fair way”.
“We know there’s a lot that needs to be done in this area and it’s not going to be easy, it’s going to require significant action,” he said.
“But it’s certainly one we want to be involved in.”
FourFour Two’s investigation is continuing.
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