The Australian Securities and Investment Commission (ASIC) is taking steps to try to prevent the kind of accounting abuse seen in the United States.
The ASIC has launched a surveillance project which will focus on areas of accounting where abuse can be prevalent.
ASIC chairman David Knott says there is no reason to believe Australia is in the same situation as the US, but it is important to maintain confidence in financial reporting.
He says ha has written to the chairmen of all listed companies informing them of the project and asking them to comply with accounting standards.
