The corporate regulator has given unlisted companies a month longer to report financial results amid an industry-wide shortage of auditors, a situation exacerbated by a winter surge in COVID-19 cases.
The extension – for unlisted companies with a year-end between June 23 and July 7 – is the fifth time the Australian Securities and Investments Commission has eased rules around company since the pandemic began.
“ASIC recognises that company and audit firms may have reduced staff numbers due to varying travel restrictions and increased staff resignations in the last two years,” the commission said in a statement on Friday.
“There may be higher staff absences due to recent and expected increases in COVID-19 case numbers.”
Professional services firms that usually rely on a steady supply of imported auditors have found themselves scrambling for staff due to international travel restrictions imposed to limit the spread of COVID-19.
“Directors of some unlisted companies may be asked by their auditors to facilitate the spreading of deadlines for lodging audited financial reports,” the commission said.
The labour shortage in professional services is also playing out across the wider economy, especially in other sectors that rely upon importing staff such as hospitality, mining and agriculture.
The Albanese government announced earlier in the week it would prioritise the processing of almost 60,000 permanent visa applications lodged by skilled workers based overseas.
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