Why are so many firms treating ASQM 1 as a compliance exercise until ASIC starts asking difficult questions?

In this episode, Wayne Basford and Judith Leung unpack what they are seeing in practice from reviewing systems of quality management. They discuss why many firms misunderstood ASQM 1 as a one-off implementation task, why boilerplate risk registers are failing in the real world, and how leadership behaviour ultimately determines whether audit quality is protected or compromised.

The conversation explores the core risk at the heart of ASQM 1 — profit over quality — and how that risk cascades into client acceptance, resourcing, training, documentation, monitoring, and remediation. They also examine why documentation deficiencies and weak monitoring continue to surface in regulatory inspections.

Whether you are an audit partner, senior manager, director, or regulator, this episode will sharpen your understanding of how ASQM 1 should operate in practice and where firms are most exposed.

🎧 In this episode, you’ll learn:

• Why treating ASQM 1 as “business as usual” is a serious mistake
• The real core risk behind audit quality failures
• How weak risk registers undermine your system of quality management
• Why documentation and monitoring failures continue to attract scrutiny
• What effective remediation under ASQM 1 should look like

Financial Reporting Conversations is brought to you by Basford Consulting helping professionals go beyond compliance and get financial reporting right.

For technical insights, training, and resources that make the unknowns in financial reporting known, visit basfordconsulting.com

🔗 Connect with us:
LinkedIn: Wayne Basford & Judith Leung
YouTube: @BasfordConsulting
Website: basfordconsulting.com

Why do so many financial reporting risks only become obvious after ASIC starts asking questions? In this episode, Wayne Basford and Judith Leung share their 2026 financial reporting predictions and reflect on where the real risks are likely to emerge for preparers, auditors, and audit committees.

They discuss why mandatory climate reporting may be less dramatic than many expect, why audit quality and revenue recognition are firmly back on the regulator’s agenda, and how long-standing issues like agent versus principal continue to trip people up. The conversation also explores emerging pressure points in mining transactions, financial instruments, joint arrangements, and the changing audit market.

Whether you prepare financial statements, audit them, or oversee them at board or committee level, this episode helps you focus on the issues that are most likely to matter in 2026.

🎧 In this episode, you’ll learn:

• Why mandatory climate reporting may not deliver the surprises people expect
• Where ASIC scrutiny is most likely to intensify in 2026
• Why revenue recognition and agent vs principal judgments are resurfacing
• The accounting risks emerging from mining, financial instruments, and JVs

Financial Reporting Conversations is brought to you by Basford Consulting helping professionals go beyond compliance and get financial reporting right.

For technical insights, training, and resources that make the unknowns in financial reporting known, visit basfordconsulting.com

🔗 Connect with us:
LinkedIn: Wayne Basford & Judith Leung
YouTube: @BasfordConsulting
Website: basfordconsulting.com

Why does the financial reporting profession struggle with clarity, engagement, and getting the complex things right the first time? In this episode, Wayne, Judith, and producer Chris reflect on what they’ve learned from building Financial Reporting Conversations and why tone, structure, and practical relevance matter just as much as technical accuracy.

They unpack the real gap this podcast is trying to fill, why “unknown unknowns” keep causing Blind Freddy mistakes, and how auditors and preparers can benefit from more candid, practical conversations about standards. You’ll hear how hooks, pacing, guest selection, and narrative clarity help make complex reporting issues accessible without losing rigour.

Whether you prepare financials, audit them, or oversee them at board level, this episode gives you practical insights into how better communication leads to better reporting outcomes.

🎧 In this episode, you’ll learn:

• Why “unknown unknowns” still derail financial reporting
• How tone, hooks, and structure keep complex topics engaging
• Why the profession needs more practical conversations, not just new standards
• The pitfalls Wayne and Judith see auditors and preparers repeat and how to avoid them

Financial Reporting Conversations is brought to you by Basford Consulting helping professionals go beyond compliance and get financial reporting right.

For technical insights, training, and resources that make the unknowns in financial reporting known, visit basfordconsulting.com

🔗 Connect with us:
LinkedIn: Wayne Basford & Judith Leung
YouTube: @BasfordConsulting
Website: basfordconsulting.com