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

Why do financial reporting frauds emerge in organisations that don’t see themselves as high-risk? In this episode, Wayne and Judith unpack the real drivers behind financial reporting fraud and explain why these risks often grow quietly inside day-to-day commercial decisions.

They break down the fraud triangle and show how pressure, opportunity, and rationalisation combine to create misstatements that feel like “just a timing adjustment” rather than a breach of standards. You’ll hear how budgets, bonuses, weak controls, related-party arrangements, and unrealistic estimates create space for financial reporting fraud to take hold, and why culture and audit committee oversight remain the strongest defences.

Whether you're preparing financials, auditing them, or reviewing them at board level, this conversation gives you clear, practical insights to recognise fraud risk early and prevent it.

🎧 In this episode, you’ll learn:

• How pressure, incentives, and culture drive fraud
• Where weak controls create opportunities for misstatement
• Why rationalisation makes fraud feel “justifiable”
• The early warning signs of financial reporting fraud
• The role audit committees play in prevention

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 are so many organisations struggling with sustainability reporting even before their first S2 statement is due? In this episode, Wayne and Siobhan unpack the biggest myths they’re seeing across the market and explain why these misunderstandings are creating unnecessary work, bad advice, and real reporting risks.

They break down the areas causing the most confusion: whether S2 is only about emissions, how greenhouse gas boundaries differ from financial reporting, the truth about transition plans, what materiality really means for Group 1–3 entities, and why double materiality does not apply to S2 Sustainability Reporting. You’ll also hear practical insights on industry metrics, value chain data, scenario analysis, and the assurance implications that many preparers are missing.

Whether you're preparing your first climate statement or reviewing one, this conversation gives you clear, practical steps to approach S2 Sustainability Reporting confidently and avoid the traps that are already emerging in the market.

🎧 In this episode, you’ll learn:

• Why S2 is not just about emissions
• How GHG boundaries can differ from financial reporting
• When a transition plan is actually required
• Why double materiality is not part of S2
• How to approach scenario analysis, industry metrics, and value chain data

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 are the same financial reporting mistakes still appearing every year, even with no new standards to blame? In this episode, Wayne and Judith unpack the recurring issues they saw across the June 2025 reporting season and why these errors continue to trip up preparers and auditors.

They break down the themes causing the most trouble: boilerplate or missing accounting policies, “single segment” disclosures that don’t match how the business is actually run, incorrect revenue disaggregation, IFRS 9 modification and derivative issues, and the continuing confusion around share-based payments and SaaS implementation costs. You’ll hear why these Blind Freddy mistakes matter, what reviewers are focusing on, and how small fixes can prevent big disclosure problems next year.

Whether you're preparing year-end accounts or reviewing them, this conversation gives you practical steps to identify financial reporting mistakes early, tighten judgment areas, and improve disclosure quality before the next reporting cycle.

🎧 In this episode, you’ll learn:

• Why common financial reporting mistakes persist despite stable standards
• How to fix boilerplate or missing accounting policies
• What AASB 8 requires for meaningful segment reporting
• The major traps in IFRS 15, IFRS 9, and AASB 2 that still cause misstatements
• Why most SaaS configuration and customisation costs must be expensed, not capitalised.

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

When does going concern become more than just an accounting phrase and turn into the question that determines whether a business survives?

In this episode, Wayne and Judith break down what IFRS (IAS 1) and ISA 570 really require when assessing an entity’s going concern assumption. They walk through the key steps: identifying uncertainties, assessing materiality, and determining when those uncertainties become “material uncertainties” that must be disclosed.

You’ll hear practical examples of how cash runway, refinancing, customer dependency, or covenant breaches can raise going concern questions and why boilerplate disclosures are never enough. The conversation also covers the auditor’s lens under ISA 570, including emphasis-of-matter paragraphs, audit report impacts, and how management and auditors can avoid “close call” judgment traps.

Whether you’re a finance leader, auditor, or board member, this episode gives you a clear roadmap for how to apply IFRS and ISA 570 in practice, avoid disclosure pitfalls, and have confident, evidence-based conversations about solvency and survival.

🎧 In this episode, you’ll learn:

• The difference between material uncertainty and significant judgment under IAS 1
• How to evaluate going concern evidence, scenarios, and sensitivities
• When to move from “close call” to formal going concern disclosure
• The auditor’s responsibility under ISA 570 and what it means for directors
• Practical steps for improving disclosure quality and governance oversight

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