This audit would examine the effectiveness of the Australian Taxation Office (ATO), Department of the Treasury, Department of Industry, Science and Resources and Australian Securities and Investments Commission (ASIC) in managing residual risks still in existence after the abolition of the Modernising Business Registers program, and the management of risks after registry functions were transferred back to ASIC.

In 2020, as part of its Digital Business Plan, the Australian Government announced the full implementation of the Modernising Business Registers (MBR) program to establish Australian Business Registry Services, and to streamline the way in which people register, view, and maintain business information with government. The Modernising Business Registers program was halted in August 2023.