Business · Companies · 7 hrs ago
ASIC criticises EY and PwC audits of $80 billion in super assets
Australia’s corporate regulator criticised EY and PwC over their audits of superannuation investments.
ASIC said the firms lacked enough evidence to support valuations of $80 billion in unlisted assets.
Superannuation funds are part of Australia’s $4.8 trillion pension sector.
Unlisted assets are investments that are not traded on public markets, making their values harder to check.
The review was ASIC’s second assessment of how the sector handles these portfolios.
The findings matter because members rely on accurate valuations to understand their retirement savings.
One account also said funds were delaying reports of investment losses to members, but gave no further details about what happens next.
ASIC said EY and PwC auditors lacked sufficient evidence to support valuations of $80 billion in unlisted superannuation investments.
The regulator’s review examined the superannuation sector’s treatment of unlisted asset portfolios.
It was ASIC’s second assessment of this issue in the $4.8 trillion pension sector.
The reports were published on 13 October 2026.
- Who
- ASIC, and auditors from EY and PwC.
- What
- ASIC said the auditors did not obtain enough evidence to support valuations of $80 billion in unlisted superannuation investments.
- When
- 13 October 2026.
- Where
- Australia’s superannuation sector.
- Why
- ASIC said the auditors had not obtained sufficient appropriate audit evidence to support the valuations.
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- Assets reviewed
- $80 billion in unlisted superannuation investments
- Auditors named
- EY and PwC
- Sector size
- $4.8 trillion pension sector
- Assessment
- ASIC’s second such review of the sector’s treatment of unlisted asset portfolios
- Publication date
- 13 October 2026
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What people are saying
had not obtained sufficient appropriate audit evidence to support the valuations