ASIC issues list of ‘wobbly’ companies
The Australian Securities and Investments Commission has issued a list of 200 listed companies it's monitoring due to concerns about their financial performance.
ASIC examined the accounts of companies with balance dates between June 30 and July 31, focusing on three specific areas of interest. Almost a quarter of the financial reports included audit qualifications known as “emphasis of matter” with six companies having qualifications about their continuation as going concerns.
ASIC's review of 31 companies has not been finalised due to ongoing inquiries, with decisions on possible further action to be pursued early in 2003. Overall, ASIC was positive about the standard of transparency and disclosure in the financial reports, although it expressed some concern about late lodgments. Over 100 companies failed to lodge their reports on the June 30 due date and then failed to apply for an extension.