It is essential that financial regulators uphold high probity standards, to strengthen the legitimacy and integrity of the regulator and support the objectives of the regulatory scheme.

• ASIC is an independent statutory authority established under the Australian Securities and Investments Commission Act 2001.
• ASIC is Australia's integrated corporate, markets, financial services and consumer credit regulator.

This is one of a series of three performance audits which continues the ANAO’s examination of probity management in Commonwealth entities.

The audit provides the Parliament with independent assurance regarding probity management at the Australian Securities and Investments Commission (ASIC).

Key findings:

• Probity management at the Australian Securities and Investments Commission (ASIC) was largely effective.
• ASIC had arrangements structured to manage the probity risks selected for review, and to promote compliance.
• ASIC had a framework and arrangements to monitor, report on and provide assurance on the selected probity requirements.
• ASIC fully or largely complied with most of the probity related requirements examined in this audit.

Key recommendations:

• The Auditor-General made one recommendation to review financial thresholds for declaring hospitality in ASIC policies relating to gifts, benefits and hospitality.
• ASIC agreed to the recommendation.