ASIC has lifted its requirement into breach reporting.
We’ve been receiving a high volume of queries on the revised RG 34 Auditor Obligations: Reporting to ASIC (September 2025), particularly around the reporting for non-lodgement of financial statements.
ASIC now places heightened emphasis on independence breaches, significant deficiencies, and the overdue or non-lodgement of financial and sustainability reports – along with a range of other issues that cannot be resolved through the audit report alone.
Given the short time-frame for reporting breaches, you may have an obligation to report your clients by the end of November.
This pop-up GAAPinar provides clarity on the revised guidance, explains what has changed, how to apply the new requirements confidently, and help you determine your obligations for June year ends.
What we’ll cover:
- The key changes in the revised RG 34 – and why they matter
- Reporting requirements under s311 and s601HG
- How to determine whether a contravention is significant
- How to assess whether you have reasonable grounds to suspect a breach
- Practical examples of reportable situations
- Insights from Report 819 ASIC Oversight of Financial Reporting and Audit 2024-25 on auditor breach reporting
- How Partners and Managers can drive consistent decisions across their teams
This session has been designed for:
- Partners: Who must make judgement calls on significant matters and ensure consistent application across engagements
- Managers: Responsible for risk assessment, and documenting breach-reporting decisions
- Auditors: Who need certainty about what must now be escalated and when
- Preparers & CFOs: Finance leaders wanting to understand auditor obligations, prevent reportable situations, and strengthen the quality and timeliness of financial reporting
