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Australian Securities and Investments Commission

Media Releases

Date : 21 October 2020

Author: The Hon Josh Frydenberg MP

The Hon Josh Frydenberg MP


23 October 2020


On 22 October 2020 I received correspondence from the Auditor-General for Australia bringing to my attention matters that he identified while conducting an audit of ASIC’s annual financial statements.

Specifically, the Auditor-General has indicated that during the 2019-20 financial statements audit of ASIC, the Australian National Audit Office (ANAO) identified payments made on behalf of the ASIC Chair, Mr James Shipton, relating to taxation advice and Deputy Chair, Mr Dan Crennan QC, relating to housing expenses that he considered may exceed the limits set in the Remuneration Determination made by the Remuneration Tribunal and that there were also identified instances where the Commonwealth Procurement Rules were not followed.

As made clear in ASIC’s 2019-20 Annual Report, tabled today, both the ASIC Chair and Deputy Chair have agreed to repay these amounts.

In response to the Auditor-General’s findings, the ANAO has recommended to ASIC that:

As the matters identified by the Auditor-General relate to the Accountable Authority of ASIC, I have asked the Treasury to undertake an independent review into the findings of the ANAO financial statements audit.  Following the review, Treasury will advise me on the findings of the review and any further course of action that may be appropriate.

I have written to ASIC and the Auditor-General confirming this course of action.

The independent review will be undertaken by Dr Vivienne Thom and is expected to be completed with the full cooperation of ASIC by the end of the year.


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