"One of the issues we see in particular, and that ASIC is picking up on, is people using template documents when they haven’t looked at them to determine whether or not it is actually suitable for their business and that’s a big problem.,” Ms Pevely said.

She said accountants who are authorised representatives should be looking carefully at the templates they receive and changing parts of it where necessary in order to make sure it reflects their business.

“That is something that if ASIC was planning to do a review of your files, disclosure documents or compliance arrangements that they will pick up on.,” Ms Pevely said.

"It’s not particularly hard to determine whether it’s a template that has no real relevance to your business. So that’s certainly something as we see as an ongoing issue."